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Author Topic: Crossrail Overrun By £500M  (Read 850 times)
CJB666
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« on: May 14, 2018, 01:00:44 pm »

Crossrail needs £500m bailout by taxpayer, Chris Grayling to tell MPs Capitalís new train line hit by huge cost overruns

https://www.thetimes.co.uk/article/crossrail-needs-500m-bailout-by-taxpayer-chris-grayling-to-tell-mps-lv77md5vp

And most western stations are still building sites.
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simonw
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« Reply #1 on: May 14, 2018, 01:47:36 pm »

Why does the taxpayer have to pay an extra £500M for Crossrail when no other part of the country receives this kind of transport funding?

Surely London Council Tax Payers should have to contribute a Transport Levy to fund this shortfall?
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ChrisB
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« Reply #2 on: May 14, 2018, 01:57:21 pm »

Totally agree.
Also, this is in part, because the Mayor has a 'frozen fares' policy for his term of office.
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didcotdean
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« Reply #3 on: May 14, 2018, 02:19:53 pm »

TfL have in the past indicated that Crossrail will bring into them an additional £3Bn in revenue over a five year period, and by 2020 be yielding an operational surplus of £311M pa.

Somehow this doesn't make me sympathetic towards their case for more money.
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ChrisB
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« Reply #4 on: May 14, 2018, 02:28:10 pm »

indeed....
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bignosemac
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« Reply #5 on: May 14, 2018, 02:41:27 pm »

It was all industry back slapping through 2016 and 2017. What say these commentators and Crossrail directors now?

https://www.globalgovernmentforum.com/mathew-duncan-finance-director-crossrail-1-uk-exclusive-interview/

https://www.civilserviceworld.com/articles/feature/crossrail-time-and-budget-how-get-major-infrastructure-project-right

https://www.insurancetimes.co.uk/why-crossrail-is-a-triumph-for-risk-management/1413499.article

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Former FGW/GWR regular passenger. No more. Despicable company.
ray951
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« Reply #6 on: May 14, 2018, 03:59:14 pm »

TfL have in the past indicated that Crossrail will bring into them an additional £3Bn in revenue over a five year period, and by 2020 be yielding an operational surplus of £311M pa.

Somehow this doesn't make me sympathetic towards their case for more money.
I would be interested to know whether the £3Bn is new money i.e. passengers making journeys that they previously couldn't or is this money that has been taken from GWR and Greater Anglia on account of Tfl now running these services or a combination of both.

It is interesting to note that the rollout of Crossrail to Reading will result in either greater subsidies required for GWR or a reduction in services in other parts of GWR given that the Thames Valley services are probably the most profitable part of GWR and these services will now be run by Tfl.
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didcotdean
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« Reply #7 on: May 14, 2018, 04:14:27 pm »

There is a lot dependent on increased passengers.

There has also been a dip in usage of London Underground since those figures were published. Only 2% but that can make a lot of difference; it has delayed or cancelled some other planned improvement work.

TfL itself only contributed £1.9bn to the overall £14.8bn and much of that was borrowed from the European Investment Bank.
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TaplowGreen
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« Reply #8 on: May 14, 2018, 05:28:01 pm »

Has there ever been a major rail project which has finished on time and on budget?  Huh
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DidcotPunter
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« Reply #9 on: May 14, 2018, 05:36:16 pm »

Reading station rebuild?
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IndustryInsider
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« Reply #10 on: May 14, 2018, 06:00:45 pm »

Birmingham New Street did I think, as did the Cotswold Line Redoubling Project and Ordsall Chord project in Manchester and the Waterloo rebuild.  I say 'I think' as finding detailed final accounts is often rather tricky and laborious as I guess any cost overruns can be hidden away to a certain degree, and also the scope of such large projects is often changed during the construction phase making original budgets inaccurate.

Not great that such an overrun has occurred but worth pointing out that £500m, whilst a lot of money, only represents an overspend of just over 3% of the project budget.
« Last Edit: May 14, 2018, 10:23:25 pm by IndustryInsider » Logged

To view my cab run over the new Reading Viaduct as well as a relief line cab ride at Reading just after Platforms 12-15 opened and my 'before and after' video comparison of the Cotswold Line Redoubling scheme, see: http://www.dailymotion.com/user/IndustryInsider/1
NickB
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« Reply #11 on: May 14, 2018, 06:04:34 pm »

Quite frankly Iíd be happy if Crossrail overran by £100 billion, just so long as I never have to travel on the shower of self ingratiating s*** that is GWR anymore. Money well spent.
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Adelante_CCT
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« Reply #12 on: May 14, 2018, 06:19:49 pm »


Not great that such an overrun has occurred but worth pointing out that £500k, whilst a lot of money, only represents an overspend of just over 3% of the project budget.

Actually its not even that bad, £500k is only 0.003%  Wink
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stuving
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« Reply #13 on: May 14, 2018, 06:45:05 pm »


Not great that such an overrun has occurred but worth pointing out that £500k, whilst a lot of money, only represents an overspend of just over 3% of the project budget.

Actually its not even that bad, £500k is only 0.003%  Wink

Oh, really?
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simonw
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« Reply #14 on: May 14, 2018, 07:14:33 pm »

Very few major projects finish on time or on budget, and that is not a major issue provided that the original plan and budget are well made, flexible and the alterations are accepted as value for money. However, when a project is badly planned, poorly managed and budgeted we get disasters like

  • Rebuilding the Avonmouth M5 road bridge
  • New Berlin Airport
  • Great Western Electrification

So far, I haven't not heard of Crossrail being a disaster, but the budget of $14B means, to me, not one penny extra should be given regardless of the issues. If there is a shortfall, then the citizens of Essex, London and Berksire should stump up, and TFL should offer shares that provide discounted unlimited on TfL for the shareholders liftime.
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