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<p>As part of the government’s commitment that transport spending across the country
advances in lockstep, in partnership with Transport for London, we have established
the Independent Affordability Review to further develop Crossrail 2, chaired by Mike
Gerrard. It will cover:</p><p> </p><ul><li>Funding – assessing options for additional
funding sources beyond those already proposed, the resilience of funding sources and
the equity of funding proposals;</li><li>Finance – procurement approaches, stress
testing financing options and improving clarity of financing policies; and,</li><li>Cost
and Risk – assessing options to re-phase delivery and capital expenditure, reviewing
scheme scope and value engineering opportunities.</li></ul><p> </p><p>We expect the
review to conclude in summer 2018.</p>
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