Crossrail and tube revamp would boost economy by £24bn

Building Crossrail and completing the modernisation of the tube will generate wider economic benefits for Britain in the order of £24bn additional GDP, new research has revealed.

The report by business organisation London First showed that without continued investment, Londoners would face increasingly impoverished travelling conditions on a daily basis.

This would include unreliability, slower journeys and much more overcrowding.

Some passengers will be put off using the tube altogether and will add to congestion on the roads or simply not travel at all, reducing London employers’ ability to recruit and costing London and the UK the opportunity of further economic growth, the report said.

Mayor of London, Boris Johnson, who joined London First at the launch of their report said: "My commitment to the tube upgrades and Crossrail is fundamental and unwavering. The benefits of Crossrail will only be realised if continued investment is also provided for the rebuilding of the tube.

Without modernisation of the tube, the report said half a million passengers, twice as many as now, would be forced to commute in conditions defined as “very crowded” - the equivalent of four or more people in a telephone box.

Meanwhile, the ticket barrier and entrance at Victoria station would be shut every six minutes, for two minutes each time, to maintain safety in the face of severe crowding.