Business deal secures Crossrail future

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The Corporation of London has agreed to pay £250 million towards the cost, with the promise of a further £100 million coming from major City firms.

An official announcement from Gordon Brown is expected imminently.

"We are nearly there. There are negotiations going on but it is now a question of days," said a senior government source. If agreed, major construction work would start in 2010 with the first trains running in 2017.

Securing a deal with the Square Mile was seen as the last major hurdle to be cleared before the Government could give the official go-ahead.

Sources claim the only decision remaining is when Mr Brown decides will be the most politically advantageous time to make the announcement. That could be as early as this week.

Negotiations had stalled after Transport Secretary Ruth Kelly asked leading financial centres, including Canary Wharf and the City, to contribute £1billion towards the £17billion rail link, which will run from Heathrow to east London and beyond, via the West End and the City.

With money forthcoming from BAA, owners of Heathrow, and the Canary Wharf group the last piece of the jigsaw was securing at least £350 million from the Square Mile. At an emergency meeting of the Corporation of London yesterday its Common Councillors voted overwhelmingly in favour. It is believed that all sides have gone so far that it would now be too embarrassing to allow the scheme to collapse.

"I don't think we are at the stage where we can say 'Go, Go, Go'. What we can say is the last significant hurdle has been overcome and it is now up to the Government to commit themselves to the scheme," said one source.