Crossrail project: finance, funding and value capture for London’s Elizabeth line

Abstract

The £14·8 billion Crossrail project to deliver the new Elizabeth line east–west railway across London is the UK’s largest transport project. Getting it into reality was only possible through an innovative programme of finance, funding and value capture, which saw London business and future passenger revenues contribute approximately two thirds of the cost. This paper sets out the experience and lessons learned from the funding structure established to enable the Crossrail project to proceed.