Financial auditors, KPMG, have released a report today analysing the state of Crossrail’s finances.
The report reveals that the project is costing £30million a week.
In response, Chair of the Budget & Performance Committee, Gareth Bacon AM, said:
“A weekly figure of £30 million is eye-watering, especially as Londoners are likely to be footing the bill.
“The report also finds that Crossrail did not intend to prepare a business plan for 2019/2020 and that its finance department does not have enough resource to take financial control until the end of the project.
“Crossrail must get a grip on its finances and be transparent in the process. The Budget & Performance Committee recently called for Crossrail to hold board meetings in public.”
“There is not an endless supply of money to keep bailing Crossrail out.”
Chair of the Transport Committee, Caroline Pidgeon MBE AM, said:
“Given the evidence of past management failings, the lack of transparency across the Crossrail project needs to be addressed urgently.
“Londoners need to be reassured that public money is being spent wisely.
“We are in no doubt that this will be a fantastic piece of engineering that will benefit passengers once up and running. But the constant bad news coming from the Crossrail camp on how it’s being run has become a stain on its reputation.”
Notes to editors
- KPMG audit report
- Correspondence between the Mayor and the Transport Committee
- Gareth Bacon AM, Chairman of the Budget and Performance Committee is available for interview. See contact details below.
- Caroline Pidgeon MBE AM, Chair of the Transport Committee, is available for interview – see contact details below.
- London Assembly Transport Committee.
- As well as investigating issues that matter to Londoners, the London Assembly acts as a check and a balance on the Mayor.
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