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Crossrail fund worries London councils

The mayor of London is being called upon to make changes to the planning tariff which will fund the development of Crossrail.

Around £300 million is planned to be contributed from developers across the capital.

Councillor Merrick Cockell, London Councils' chairman, said: "The mayor must understand that the benefits of Crossrail do not outweigh the need for affordable homes and local transport improvements in the capital."

Last month it was announced that a levy would be introduced on larger business to help fund Crossrail.

Named as the Business Rates Development Supplement, two pence is to be applied to business properties with a rateable value for more than £50,000.

Mayor Boris Johnson said that the global economic situation should "not allow our investment in the future to falter".

Crossrail will increase rail-based transport capacity in London by ten per cent and it is expected it could contribute £20 billion to the UK economy.
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