Crossrail and infrastructure financing

Meeting: 
Plenary on 2004-01-14
Session date: 
January 14, 2004
Reference: 
2004/0023
Question By: 
Mike Tuffrey
Organisation: 
Liberal Democrats
Asked Of: 
Ken Livingstone

Question

What progress have you made in talks with the Government about securing finance for the Crossrail project by schemes to recoup a proportion of the increase in land values of properties close to the route of Crossrail? Why is the government proving so slow to adopt funding mechanisms more widely, which are tried and tested in the USA? .

Answer

Answer for Crossrail and infrastructure financing

Answer for Crossrail and infrastructure financing

Answered By: 
Ken Livingstone

We have been discussing with Government various proposals for altering the way land and property taxes are levied to allow the Government to recoup a proportion of land value increases that result from transport improvements. We have specifically discussed these proposals in the context of Crossrail. The power to levy or revise property taxes lies solely with the Government and it is for them to decide when they wish to bring forward legislation on this issue. We have been advocating land value increase capture as a means of increasing the available funding for transport. .