Crossrail 'has protected taxpayers' money'
Crossrail has been praised by the National Audit Office for the way public money has been spent on the project.
The new rail service for London runs from Maidenhead and Heathrow Airport in the west, to Abbey Wood and Shenfield in the east.
Crossrail Limited, a wholly-owned subsidiary of Transport for London, is implementing the programme, with Network Rail carrying out work to improve existing surface infrastructure.
Joint sponsors the Department for Transport and Transport for London have established a £14.8bn funding package to build the infrastructure.
However, Crossrail will not fully open until December 2019 and a number of risks remain, in particular the delivery of the Crossrail trains and the appointment of the operator.
Amyas Morse, head of the NAO, said:
"The sponsors and Crossrail Limited have so far done well to protect taxpayers’ interests, by taking early action to stop costs escalating and, during construction, tightly managing the programme.
"There is still a long way to go and the Department must continue to manage risks to protect its investment in Crossrail."
Crossrail funding is a combination of direct grant funding and borrowing by Network Rail and Transport for London.
The Department forecasts that Crossrail will bring £1.97 of transport benefits for every £1 of cost, and there is also potential for it to bring wider economic benefits.
About half of the infrastructure work is now complete. Progress is just behind schedule, but Crossrail Limited has taken steps to improve the progress against schedule and it remains confident that it will meet the planned delivery date. Forecast costs remain within available funding of £14.8bn.
