The £27 billion ‘link’ has been cleared by ministers as a priority after the national infrastructure commission, created by George Osbourne, had heavily backed the venture. The major improvements to the transport network were deemed necessary due to fears that London could grind to a halt if changes were not made. The basis of Crossrail 2 is to create a new tunnel directly under the centre of London that links Wimbledon to Tottenham Hale. The new Line will be named the Elizabeth line after the current reigning monarch.
Supporters of Crossrail 2 claim that the venture would provide 200,000 new jobs including Construction Jobs in London and support the construction of 200,000 new homes. It is believed that the economy will receive a multi-billion pound increase after its completion. The project requires an investment of £160 million to proceed to the next step. Transport London are expected to make what is described as a ‘’reasonable’’ contribution despite the head of the commission, Lord Adonis, claiming that the costs of the scheme are currently to great and that other options should be sought.
Crossrail 2 is required due the overcrowding of the London Underground. Statistics show that by early the 2020s that there will be significant overcrowding on the tube. Projections also indicate that over-ground stations will be at full capacity or higher. Crossrail 1 is set to ease these burdens but Lord Adonis is quoted as saying ‘’By the 2030’s London will be a mega-city of more than 10 million people. Even allowing for planned investment and the imminent arrival of Crossrail 1, it will grind to a halt unless significant further improvements are made. That is why London needs Crossrail 2 as quickly as possible’’.
Lord Adonis says that the Treasury will benefit in the long term after the initial investment for improvements. The better infrastructure is likely to cause a good increase to the economy. The initial costs are set to be huge with Lord Adonis suggesting that the contract should be re-written so that London contributed more than half of the cost. Lord Adonis also urged the next Mayor of London to look into other major works that would help improve the transportation system.
Boris Johnson had lent his hand to the project. He claims that every year that London holds off on starting the improvements that London could miss out on £8 billion. He went as far as saying that Crossrail 2 was of national significance. Johnson is coming to the end of his tenure as Mayor but it is thought that if his Conservative peer is elected that they will continue Johnson’s plans of improving London transportation.