PAYING FOR CROSSRAIL: THE BUSINESS CASE

Michael Schabas

Economic Affairs, 2005, vol. 25, issue 1, 12-19

Abstract: A new railway is being planned across London. Incremental fares revenue will only pay about a quarter of the £10 billion1 expected cost, so the Greater London Assembly (GLA) is considering ‘alternative funding mechanisms’. These include new taxes on businesses that are presumed to benefit from the scheme. Taxes would deter the very investment Crossrail is supposed to support. The GLA would do better to change the scheme to reduce the need for subsidy and strengthen the business case.

Date: 2005
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