15 billion pound railway london

LONDON (Reuters) - London's new flagship railway Crossrail cannot say when the much-delayed line will open, or what the final cost will be, Britain's spending watchdog said on Friday after Europe's most ambitious infrastructure programme hit the buffers. Due to open in December 2018, the rail line running between Heathrow Airport to the Canary Wharf financial district via central London, is now unlikely to open before 2021 after it was hit by testing and signalling problems. The National Audit Office (NAO) said on Friday the mismanagement of Britain's most important infrastructure project in decades had resulted in unnecessary spending and delivered poor value for taxpayers. "Throughout delivery, and even as pressures mounted, Crossrail Ltd clung to the unrealistic view that it could complete the programme to the original timetable, which has had damaging consequences," Amyas Morse, head of the NAO, said in a statement. "While we cannot make an overall assessment of value for money … [Read more...] about Cost and timing of London’s Crossrail unknown after delay

By Virginia Furness, Sujata Rao and Julien Ponthus LONDON (Reuters) - British water and power firms are trying to soothe nerves over nationalisation in the event of a Labour government, although some fund managers and lawyers doubt so-called Corbyn-proofing will work. Jeremy Corbyn, the opposition leader, has said the state would take control of Britain's water, electricity, gas and railway operators, as well as Royal Mail and Royal Bank of Scotland if Labour wins power. The privatisation of utilities, which began in the 1980s under Margaret Thatcher's Conservatives, has been a divisive issue. While supporters say consumers get a better deal, critics argue that there is no place for profit in public services. Now, with Labour gaining in the polls and a general election seen as more likely following a delay to Britain's European Union departure, companies and investors are taking the possibility of nationalisation seriously. Thames Water, for instance, added a clause to its bonds to … [Read more...] about Corbyn-proof? British water, power firms take nationalisation precautions

LONDON (Reuters) - London's new flagship rail line connecting Heathrow Airport to the Canary Wharf financial district may not now open before 2021, more than two years behind schedule, the Crossrail project said on Thursday. Billed as Europe's most ambitious infrastructure project, the line, which runs under the capital, was supposed to open in December 2018, but was delayed shortly before the launch by problems with testing and the completion of signalling work. When open, the Elizabeth Line, as the link has been named, will connect destinations such as Heathrow west of the city with the rail hub of Paddington, shopping districts such as Bond Street, Canary Wharf in the east, and beyond. It is expected to carry about 500,000 passengers a day and alleviate pressure on the Victorian-era metro (subway) network, the Underground or Tube. An initial budget of around 15 billion pounds ($19 billion) has risen to 17.6 billion pounds. "Crossrail is an immensely complex project and there will … [Read more...] about London’s Crossrail puts back opening to March 2021 at the latest