'Full speed ahead' for Crossrail despite business levy protests

My Account
Logout

Create an Evening Standard Account

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Welcome! Sign in here

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Forgot your password ?

Registration

* indicates fields that are mandatory

Email *

Password *

Confirm Password *

First name *

Surname *

Postcode *

Country *

Mobile phone number

Username *

Gender *

Year of birth *

When you sign up...

You will have access to all our online competitions, discounted offers and can post comments on our site.

You will also receive The Weekender newsletter sent every Thursday - it’s full of fantastic offers and ideas for the weekend. You can update your email preferences in your account page when you log in.

Other newsletters and emails

Homes & Property Newsletter - Yes I want to receive the weekly email with all the latest news on property in the capital

Occasionally we would also like to send you relevant emails detailing specific offers either from ourselves or carefully selected partners. If you would prefer not to receive these then please tick the appropriate boxes below. We will never pass on your details.

I do not want to receive additional offers and information from the Evening Standard

I do not want to receive additional offers and information sent by Evening Standard on behalf of carefully selected partners

Terms and Conditions

* I have read, understood and agree to be bound by the terms and conditions of Evening Standard

Registration

Mail Sent for Registration Confirmation.

A confirmation email has been sent. Please activate your account by clicking on the activation link sent in your mail box.

The Mayor promised that the long-awaited rail link is on schedule to open in 2017 after progress was made on three vital sources of funding. Today ministers and Mr Johnson announced:

● Responsibility for delivering Crossrail will be transferred to the Mayor tomorrow after agreements over governance and funding were signed.

● Legislation allowing the Mayor to raise £3.5billion through a levy on London firms will be published in Parliament.

● The City of London Corporation has signed up to raising up to £350 million for the scheme.

"Today is an important moment for London as Crossrail will now move forward full speed ahead," said Mr Johnson. "The pace of delivery will now quicken - with Crossrail transferring to TfL tomorrow, work at Tottenham Court Road beginning in the spring, and delivery partner companies being appointed early next year."

Concerns grew this year after the Mayor and ministers missed a September deadline to sign governance and funding documents. Local government minister John Healey was also today publishing the Business Rates Supplements Bill which was not mentioned in the Queen's Speech. It allows the Mayor and other top-tier local authorities to charge a levy of up to 2p on business rates to raise funds for infrastructure projects.

Business chiefs condemned the introduction of the legislation as Britain plunges into recession. John Cridland, deputy director general of the CBI, said "now is not the time" for the tax.

But Mr Healey insisted that the levy would only be charged from 2010 and would aim to raise £178million a year in London for Crossrail.