Crossrail to deliver London a £49 billion business boost

London could benefit to the tune of £49 billion as a direct result of the Crossrail service linking the north and south of the capital, standard.co.uk reports.

The project, which is currently ongoing, will allow Londoners to cross the city in a much shorter time with a more reliable service than what is available at the moment. This, it has been claimed, would not only make peoples’ lives easier and reduce existing congestion problems, but also benefit local businesses by attracting growth and new opportunities. It is also being touted as a way of “futureproofing” the city so it is able to cope with the huge population expansion forecast.

Now, a figure has been put on this potential business benefit, with London mayor Boris Johnson claiming that the city could welcome a £49 billion boost simply from Crossrail’s opening.

Whilst Crossrail travel will be more expensive than the current tube or bus offering, it is still expected to be popular with many tourists, locals and businesspeople heading to meeting venues around the capital. Then, those who opt to take the older transport methods can expect a quieter service as Crossrail begins providing an alternative.

Speaking to build.co.uk of the new figure, chair of the Transport Committee, Valerie Shawcross, explained: “London needs a transport network that can cope with the millions of extra passengers that will travel on our tube and trains in future.

“The cost-effective investment needed to construct Crossrail 2 will herald sustainable rewards, potentially boosting London’s economy by up to £49 billion, not to mention much-needed relief to passengers suffering on some of the UK’s most crowded services. Crossrail 2’s construction should be the catalyst to realise London’s Olympics regeneration dream.”