Progress
Parliamentary Bill:
The Crossrail Bill which will provide the necessary planning and other powers to build Crossrail has cleared the House of Commons and is currently in the House of Lords. Royal Assent is expected in the summer / autumn 2008.
Funding and Financing:
On 5 October Prime Minister Gordon Brown gave the go-ahead for Crossrail by announcing a funding deal for the £16bn project. He announced that the cost of the project would be split between the Government, TfL borowing against future fare income, and business contributions.
Project Governance:
Under the terms of an agreement between Transport for London (TfL) and the Department for Transport (DfT) of 26 November 2007, the ownership of the project developers Cross London Rail Links (CLRL) will transfer to Transport for London, but CLRL will become a 100% subsidiary of TfL.