NAO to investigate Crossrail overspend, delay
The UK's public spending watchdog is to investigate delays and overspending on London's £15bn Crossrail project.
The troubled east-west line was meant to fully open in December 2018. However, it has now been put back by at least 12 months and in October was given a £350m loan to cover additional costs caused by delays.
"Our investigation will examine the causes of the cost increases and schedule delays, the terms of the additional funding, and the governance and oversight of the programme,” said the National Audit Office.
"We will also examine the steps being taken by Crossrail Ltd, Transport for London (TfL), and the department to minimise the impact of the cost increases and delays."
The Elizabeth line, as it is officially known, is expected to carry 200m passengers a year, running between stations such as Paddington to Canary Wharf in only 17 minutes. The delay has caused financial issues for London's transport funding after Mayor Sadiq Khan imposed a freeze on fares in anticipation of services starting on time in January 2019.
The freeze on single fares is expected to cost TfL £640m over four years, while a government grant worth £700m has been axed.
Last month it was reported that Transport for London, which will run the line, could face an independent probe into the delay.
Financial Conduct Authority chief executive Andrew Bailey revealed in a letter to London Assembly member Caroline Pidgeon that he was considering an investigation of TfL's handling of the project, according to construction news website Building.