Economic growth

• Crossrail sustains the growth of London as the world's financial centre, which is vital to the UK economy and a wealth generator for future investment in the rest of the country.
• Crossrail enables the creation of an estimated 30,000 high-value jobs, which would not happen without the scheme. In addition over the next two decades London is set to grow by a predicted 800,000 people and by 900,000 new jobs. Crossrail decisively solves how to transport large numbers of people into the centre where 30% of the Capital's jobs are located.
• London's economic centre is the only place in the UK where productivity levels are as high as the United States and it has become the world's leading financial centre. Its economic strength benefits all the UK: through its tax revenues, which greatly exceed its share of public expenditure; by providing a place where people can hone their skills by working with the best from across the world; and by being a gateway to the UK for international firms.
• Without modernisation and expansion of London's public transport system, the oldest in the world, growth would stall. This view is shared by businesses. Crossrail decisively solves the problem of how to transport large numbers of people to the Capital's centre.
• Research shows that the productivity of an urban cluster - like London's financial centre - is not only determined by the types of businesses locating there, the skills of employees, mix of employment and labour market conditions, but the size and density of a city. Crossrail will underpin the continuing intensification of London's economy, enabling it to continue to remain a leading world city over the next 20 years and beyond.

Capacity

• Crossrail will relive many Underground lines and will on its own, add 10% to London's total public transport capacity. During the peak 24 trains will run per hour in each direction between Paddington and Whitechapel.
• Crossrail's can carry 78,000 passengers per hour - twice the capacity of the Jubilee line.
• Half of all the country's rail journeys each day are made solely within London's boundaries and the Capital has some of the country's most congested routes. The 2007 Rail White Paper / HLOS sets out plans to address growth on UK railways over the next decade, including London. This growth will mean more rail passengers arriving at London termini who will in turn need further transport so they can reach their final destinations - Crossrail and the Underground upgrades are key to this . The Rail White Paper / HLOS therefore makes the delivery of Crossrail even more necessary.
• Crossrail will dramatically reduce journey times in some cases by as much as 40%. For example Heathrow to Liverpool Street will be around 36 mins , Canary Wharf 43 mins and Statford 40 mins. The West End will be 31 mins from Heathrow and from others part of the Capital - 19 mins from Southall, 22 mins from Woolwich, 20 mins from Ilford, and 31 mins from Romford. There are similar journey savings to the City.
• As well as connections with the London Underground and DLR, Crossrail will connect with Thameslink at Farringdon; Eurostar and HS1 domestic services at Stratford; London Overground services at Whitechapel and Stratford; and with National Rail services at Ealing Broadway, Paddington, Liverpool Street, Stratford and Abbey Wood.
• Crossrail will serve Heathrow and link to Stansted Airport via Liverpool Street, and Gatwick and Luton via Thameslink.

Crossrail pays for itself

• Crossrail is not just a London project but a national project with benefits for the Capital and UK:
  • Crossrail will generate net agglomeration benefits of at least £36bn present value to UK GDP over 60 years - in the long term it pays for itself.
  • Additional national tax revenues of at least £14.8bn and time saved to business is valued at £4.86bn.
    
• Last October Colin Buchanan and Volterra Consulting produced a detailed report entitled ‘The Economic Benefits of Crossrail' that sets out these benefits: http://www.volterra.co.uk/publications/07/economic_benefit.pdf
• GLA forecasts indicate the Crossrail route includes:
  • 8 of the top 10 London boroughs with: the highest employment growth rate between 1993-2003, the fastest forecast job growth between 2003-2016 and fastest forecast absolute growth in jobs between 2003-2026.