Enough private investment could be found to meet government targets for the construction of the £12 billion Crossrail 2 project, a new report has stated.
The report, which was conducted by a taskforce in association with London First, suggests that the new railway could be built in line with a Treasury target requiring more than half of the funding to come from private sources.
Funding Crossrail 2 states that Crossrail 2 would add an extra 12 per cent to the existing rail capacity in the capital and relive the intolerable pressure on Londons public transport network.
Altogether, the report identifies £23 billion of possible funding streams.
Taskforce chairman Francis Salway, former chief executive of Land Securities, said: Failure to invest would make life intolerable for Londoners, hamper Londons economic growth and hit government tax receipts.
We may be half way through Crossrail 1, but its success and the pressing need for extra capacity in London means now is the time to be pushing forward with plans for Crossrail 2.