Crossrail crisis: Businesses react to £1.4bn bailout and further delay

The crisis facing Crossrail deepened yesterday as Transport for London (TfL) confirmed that the delayed project could need up to £2bn in extra funding to keep afloat.

Crossrail chief executive Mark Wild also admitted that the railway, which had already been delayed from December 2018 to autumn 2019, may not open until 2020.

While the news is certainly terrible for TfL and City Hall, it is also unwelcome for businesses, which had been banking on the new line to bring in added jobs, revenues and opportunities.

Here are some of the reactions from businesses to the latest Crossrail update.

David Leam, director of infrastructure at London First

"After all the mudslinging, this new funding and financing package must signal the final chapter for Crossrail. It’s vital that all efforts now focus on getting it completed.

"London’s firms are bearing a significant chunk of the costs of these overruns and, in return, want to see a clear timetable for opening and better governance, including a stronger business voice on its board.

"Crossrail will have a truly transformative effect on travel across the south east, serving around 200m people every year and slashing journey times between Canary Wharf and Heathrow."

Jace Tyrrell, chief executive of New West End Company

"We are very disappointed that the opening of the Elizabeth Line has been delayed for a second time.

"The Elizabeth Line would have been a welcome boost for West End businesses, bringing in much-needed domestic tourism following a challenging year.

"The delay increases the urgency for the government, the mayor and Westminster City Council to introduce measures to support Britain’s retailers and high streets."

Colin Stanbridge, chief executive of London Chamber of Commerce and Industry

"While it's welcome that additional funding has been found to keep Crossrail on track, let's have clarity on the actual delivery date – to help businesses plan and prepare.

"Businesses will also be concerned if today's additional funding impacts on the Crossrail 2 project. Let's be clear that Crossrail 2 is not a nice to have – but an essential infrastructure project for the future of London."