Mayor Boris Johnson has announced new Growth Commission to help realise Crossrail 2‘s full potential to boost economic growth in London and across the UK.
The Mayor has the support from more than 50 top business leaders who back the economic case for Crossrail 2 as vital to securing hundreds of thousands of new homes and jobs.
The construction of Crossrail 2 will support the UK engineering, construction and manufacturing sectors with a supply chain supporting around 60,000 full time jobs.
This is in addition to the 18,000 who will be employed directly during the peak of construction and over 1,300 new jobs that will be created to operate Crossrail 2.
The Commission will help maximise the benefit of the new railway by bringing together the London boroughs, county councils outside London and other key business and development stakeholders along the route to work together on how the railway can best support housing and job creation.
Tens of thousands of homes could be built ahead of opening in anticipation of the improved connectivity, helping to meet the demands of a rapidly growing population.
Mayor of London, Boris Johnson MP, said: “Crossrail 2 will help realise London’s full economic potential, increasing the nation’s productivity and creating thousands of new jobs and homes.
“Major projects take time to plan and prepare and with Crossrail 1 nearing completion, we must move quickly to the next transformational growth project which could see even more benefits delivered. Crossrail 2 will support up to 200,000 more homes and jobs, adding billions of pounds to the national economy and ensuing a prosperous future for the whole country.”
Once operational, Crossrail 2 will allow more people to access jobs, supporting the creation of up to 200,000 new jobs, both locally and in London’s highly productive central area.
A PWC study published in 2014 showed that at least half the cost of Crossrail 2 can be met by London. By linking homes and jobs Crossrail 2 could deliver net additional GVA benefits – the value of goods and services produced – totalling up to £100 billion, generating tax revenues that are more than sufficient to fund central Government’s contribution.