- Elizabeth line officially opens to the public, slashing
journey times and cutting thousands of travel costs by over a
third
- New line will bring £42bn to the UK economy, and has created
over 55,000 jobs across the UK
- Backed by £9bn of Government investment, new line will
support regeneration and new homes along the route
Thousands of commuters across London will see their travel costs
reduced by over a third and journey times massively reduced from
today (24th May) as the Elizabeth line officially
opens to the public.
Thanks to £9bn of Government investment, almost half of the
project’s total cost of almost £19bn, [and an additional £2.3bn
in investment from Network Rail], trains on the new line will
reduce journey times from Abbey Wood to Paddington from 58 to 29
minutes. They will also cut ticket prices by more than a third,
from £6.30 to £4.30 – saving passengers money at a time when
costs are rising, while also facilitating economic growth in the
long-term.
Bringing an estimated £42 billion to the UK economy, the
state-of-the-art line will see each train carry up to 1500
passengers, increasing central London’s rail capacity by 10%,
transforming travel across the city and connecting local
communities to the centre of London quicker than ever
before.
To bring this line to life, more than 55,000 jobs and 1000
apprenticeships have been created over the past 14 years with
over 5000 of these jobs given to previously unemployed workers.
96% of contracts for the project have been awarded to companies
within Britain, with 60% of these going to businesses based
outside of London – ensuring taxpayer money used to build the
line will bring benefits to the entire UK for decades to
come.
Secretary of State, said:
“As iconic as its namesake, the Elizabeth line is a beacon of
British success, not just for this marvel of engineering but for
the enormous benefits it brings to the entire nation
with £42bn for the UK economy and 55,000 jobs just two of
many.
“London’s transport network is its lifeblood and the £9bn we’ve
contributed to make the Elizabeth Line a reality is once again
testament to our unwavering support for this marvellous city, its
inspiring people and the millions of visitors it attracts every
year.”
All Elizabeth line stations between Paddington and Woolwich
provide level access with all 41 stations eventually being
step-free, ensuring that everyone can enjoy cheaper and faster
travel across London as well as the stunning new stations on
route.
John Dickie, Chief Executive of London First,
said:
"By connecting airports, offices, homes, shops, and leisure
activities more quickly, easily and accessibly,
the Elizabeth Line will be transformative for Londoners and
visitors alike.
“This project is a clear demonstration of what can be
achieved when business and all levels of government work
together for the good of the national economy.
“With a quarter of carbon emissions coming from
transport, and the project’s supply
chain contracts awarded up and down the country, it is an
investment in both a net zero future and levelling up. The
Elizabeth Line is a project the whole country can be proud
of."
This £9bn investment in the Elizabeth line is the latest example
of the Government’s commitment to London and the transport
network it depends on. The opening follows close to £5bn of
funding given to Transport for London throughout the pandemic to
keep vital transport services running. This is in
addition to a billion pounds for each year of last
October’s Spending Review and a commitment to explore a
long-term funding settlement, all at a time of significant
financial pressure for the nation, because investment in UK
infrastructure will drive productivity and create jobs –
contributing to a high-wage, high-skill economy.
Today’s opening follows a ceremonial opening last week in which
Her Majesty The Queen unveiled a plaque at Paddington
Station.
Notes to editors
- Pricing of £6.30 includes the cost of the overground train
from Abbey Wood to Farringdon or London Bridge and the tube
pricing from either Farringdon or London Bridge to Paddington.
This was correct according to TfL’s single fare finder
webpage as of week commencing 23rd May 2022
- The £9bn investment comprises £6bn of direct grant and £3bn
of loans to Transport for London and the Greater London
Authority. The loans will be repaid through funding from TfL
and London’s businesses.
- The investment financed by Network Rail will be funded by TfL
through the payment of an Investment Recovery Charge once the
railway is operational.
