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London Mayor Plans Charges on Homes, Offices, Shops to Fund Crossrail Link
Jan 17, 2011
By Peter Woodifield
Read More: http://www.bloomberg.com/news/2011-...-property-developments-to-fund-crossrail.html
London Mayor Boris Johnson today proposed charges on new homes, offices and shops to raise 300 million pounds ($477 million) to help fund the Crossrail link between Heathrow Airport and the city’s financial districts. Developers in seven central London boroughs, including Kensington and Chelsea, Westminster and Camden will pay a levy of 50 pounds a square meter on all developments with a gross internal floor space of more than 100 square meters (1,076 square feet), the Mayor’s office said in an e-mailed statement. The levy will also apply in the City of London, the main financial district, which Johnson doesn’t control.
“Every corner of London will benefit once construction is complete,†Johnson said in the statement. “It is right that the sector that will benefit so much should make its contribution and I am confident that this will not hinder development in the capital.†Crossrail, which will cost 15.9 billion pounds, is Europe’s largest construction project. It will link Heathrow, the world’s biggest international airport, with the West End entertainment district and offices in the City of London and Canary Wharf starting in 2018, relieving pressure on the aging London Underground railway. The journey time between Heathrow and Canary Wharf will be cut to 43 minutes from around 70 minutes today. The line will be 118 kilometers (73 miles) long and carry about 200 million passengers in its first year of operation, the statement said.
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Jan 17, 2011
By Peter Woodifield
Read More: http://www.bloomberg.com/news/2011-...-property-developments-to-fund-crossrail.html
London Mayor Boris Johnson today proposed charges on new homes, offices and shops to raise 300 million pounds ($477 million) to help fund the Crossrail link between Heathrow Airport and the city’s financial districts. Developers in seven central London boroughs, including Kensington and Chelsea, Westminster and Camden will pay a levy of 50 pounds a square meter on all developments with a gross internal floor space of more than 100 square meters (1,076 square feet), the Mayor’s office said in an e-mailed statement. The levy will also apply in the City of London, the main financial district, which Johnson doesn’t control.
“Every corner of London will benefit once construction is complete,†Johnson said in the statement. “It is right that the sector that will benefit so much should make its contribution and I am confident that this will not hinder development in the capital.†Crossrail, which will cost 15.9 billion pounds, is Europe’s largest construction project. It will link Heathrow, the world’s biggest international airport, with the West End entertainment district and offices in the City of London and Canary Wharf starting in 2018, relieving pressure on the aging London Underground railway. The journey time between Heathrow and Canary Wharf will be cut to 43 minutes from around 70 minutes today. The line will be 118 kilometers (73 miles) long and carry about 200 million passengers in its first year of operation, the statement said.
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