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Any delay to Crossrail project is biggest revenue risk to TfL, says deputy mayor

Any delay to Crossrail starting operationally on time would be the biggest risk to Transport for London’s (TfL) revenue, according to the deputy mayor of transport for London.

Speaking at the London Assembly Budget and Performance Committee in City Hall, Val Shawcross said the construction project was “one to watch” but assured assembly members that “all was well” and the line was still due to be fully operational by December 2018.

Shawcross said that like any major organisation, TfL will always have a “basket of risks” to be monitored when it comes to income being affected. Despite this, the deputy mayor highlighted the construction of the Elizabeth Line as the most significant project on the horizon when it comes to income.

She said: “The business plan is completely reliant on tube income for our revenue expenditure, any failure to deliver the project on time would be a major revenue risk but so far looking at it every day as we do in detail, all is well on the Elizabeth line and things are moving ahead very well. It is a very significant project, 10% of London’s rail capacity will be lifted overnight and that is definitely one to watch.”

Passengers are set to start benefitting this May from rail services between Paddington and Heathrow Terminal 4, while by the end of the year Elizabeth Line services should be starting on the central section between Paddington and Abbey Wood. 

Tfl commissioner Mike Brown was also in attendance and was questioned by members on his confidence surrounding the delivery of Crossrail, ahead of an independent financial review into the £31bn scheme. Brown said he believed government support was growing for the line and believed minsters would look favourably on the project.

He added: “I’m confident that the momentum for Crossrail 2 is now very much real and alive, and that actually that independent finance review will allow the favourable outcome to be delivered.”