THE cost of the multi-billion pound project to connect Redbridge with Heathrow by train will be borne by fewer businesses than previously thought, according the Mayor of London’s office.
Crossrail will run through the centre of London from Maidenhead in Berkshire to Shenfield in Essex, cutting journey times and relieving congestion on other routes.
Today the Mayor’s office told the Guardian that a 2p supplementary business rate to raise some of the £15.9 billion needed for the project will apply only to firms with a turnover greater than £55,000 rather than £50,000 as previously thought.
Deputy Mayor Sir Simon Milton said: “The economic benefits will be felt all over London - from regenerating otherwise run-down areas to boosting the spending power in leafy suburbs whose citizens will find it easier to access jobs in the main central economic areas of the capital.
“Boris's main concern has been to ensure that the bulk of the funding will come from those areas that will benefit most from the new line and that small and medium sized businesses - the backbone of London's economy - are not asked to bear a disproportionate burden.
"Roughly a quarter of the costs will met from levying a 2p supplementary business rate on all businesses with a rateable value of over £55,000.
"This is a higher rateable value threshold than was originally proposed following comments received from businesses to our initial proposals which set the threshold at £50,000.
"The change will remove some 4000 businesses or eight per cent of the total from paying the new tax and will particularly help small and medium sized businesses particularly in outer London.
"Nobody relishes paying additional tax but we think that this is the fairest way to spread the load and will help deliver what we all want to see - a fantastic new public transport service for London that will help deliver jobs and growth in the future."
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