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Examination of Witnesses

Part of High Speed Rail (Preparation) Bill – in a Public Bill Committee at 2:30 pm on 11th July 2013.

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Terry Morgan: The GDP benefits of Crossrail have underpinned the support for this programme all the way through. We have always taken a view that the calculation, at £42 billion over the lifetime of Crossrail, was a conservative estimate of the regeneration benefits. Mr Dobson has already heard these numbers quoted, but I think it further emphasises the regeneration benefits.

We commissioned some work at the end of last year. Now we are starting to see Crossrail become something real on the ground, we are already starting to see regeneration occur in a broader way than perhaps we had anticipated. So we commissioned some independent work that asked: what was the delta that was being created by Crossrail to the rest of London as a consequence of it being there by 2020? The bottom line of that is that our calculations in support of the £42 billion—and, in my opinion, much more—is that by 2020 there will be £5.5 billion of regeneration value created as a consequence of Crossrail, and the acceleration of 57,000 new homes, because property developers now have more confidence, by actually seeing Crossrail arrive on their doorstep. We are starting to see some real, significant changes occur as a consequence of that. I do believe the model is robust, but I also think it is—you might say it is probably the best way to be—a conservative model in terms of the value of Crossrail and its regeneration value.