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Delayed Crossrail nets up to £2bn in new financing

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London transport chiefs have announced up to £2bn in new financing to complete the delayed Crossrail project.

It is hoped that the money – the bulk of which will come from the Greater London Authority – will cover additional costs to allow completion late next year or early 2020 though no timetable has been set in stone.

The Elizabeth Line – running from Reading and Heathrow in the west through central tunnels across to Shenfield and Abbey Wood in the east – was supposed to have opened this autumn.

However, it was announced at the end of August that more work was needed to complete the central section.

The problems, which led to Crossrail’s chairman Sir Terry Morgan departing last week, are currently the subject of an investigation led by accountancy firm KPMG.

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