On 1 December 2020 it was announced that a funding and financing package for the final phase of the Crossrail project had been agreed. Under the agreement, the Greater London Authority will borrow up to £825 million from the Department for Transport, which will be given to Transport for London (TfL) as a grant for the purposes of the Crossrail project.
Should the full £825 million be used, the overall cost of the Crossrail central section will be £15.789bn. The final cost, including the Network Rail elements of the scheme would be £18.599bn.
Crossrail Ltd is continuing to work hard to reduce its funding shortfall, and TfL is ensuring that further independent analysis of costs is carried out.