Government loans TfL extra £825m for Crossrail

Transport secretary Grant Shapps has confirmed that the government will loan Transport for London an extra £825m to fund the completion of Crossrail.

Crossrail, which connects east and west London, is running three years behind its original expected completion date. Its central part is now expected to open in 2022.

The latest loan from the government comes on top of a £2.15bn financing package for the project in 2018.

Earlier this month, the government agreed a £1.7bn funding package for Transport for London to support the organisation until March 2021, after its finances suffered as a result of the covid-19 pandemic. The deal makes up the fare revenue that TfL has lost since England entered its first lockdown in March.