The ambitious £16 billion Crossrail project will bring substantial economic rewards for London and the South East of England, a new study shows.
The line, which will run from Maidenhead in Berkshire to Shenfield in Essex, has been described as ‘the UK’s biggest transport project since the Channel Tunnel’.
As well as faster journey times and lower congestion, the report by Colin Buchanon consultants predicts that Crossrail will bring a total increase of around £1.2 billion in related revenues to businesses and employees.
Some boroughs, including Camden and Lambeth, should benefit to the tune of £60 million each. Many outer London boroughs will also experience significant advantages.
The scheme will lead to the creation thousands more jobs, potentially greatly raising demand for commercial property in London, particularly in the West End and Docklands areas. Crossrail, which will start main construction in 2010 and is scheduled for completion in 2017, will benefit the total UK economy by around £36 billion.