TfL Ref: 0232-1920

Thank you for your email received by us on 24 April 2019 asking for information about the financing package agreed for the delivery of Crossrail in relation to your previous request for information (reference: FOI-2418-1819).

Your request has been considered in accordance with the requirements of the Freedom of Information Act and our information access policy.  I can confirm that we hold the information you require. You requested the following:

According to Crossrail Ltd ( http://www.crossrail.co.uk/about-us/funding ), "The funding framework for Crossrail was put in place in October 2007 when the Prime Minister announced that Crossrail’s cost will be met by Government, the Mayor of London and London businesses. A funding envelope of £15.9 billion was agreed to deliver the Crossrail scheme in its entirety. Following the Comprehensive Spending Review in October 2010, a revised funding envelope of £14.8 billion was agreed." Could you explain whether the figures of £15.9 bn, £14.8 bn and £17.6 bn refer to 2007 prices, and if it not, what price basis / bases they refer to.

I can advise that the financing package agreed for the delivery of Crossrail, originally £15.9bn and subsequently £14.8bn and £17.6bn, are expressed in nominal terms with assumptions on inflation included, as set out in the Heads of Terms document, dated 14 November 2007; section 4.1.3 Uses of Funds lists the total Estimated Capital Cost as £15.9bn with note 4. stating “all figures expressed in nominal terms”.

If this is not the information you are looking for, or if you are unable to access it for any reason, please do not hesitate to contact me.

Please see the attached information sheet for details of your right to appeal as well as information on copyright and what to do if you would like to re-use any of the information we have disclosed.

Yours sincerely

Jasmine Howard
FOI Case Officer
Information Governance
Transport For London