Crossrail business rate supplement
How will London's businesses help fund Crossrail?
Anyone with a Rateable Value of £70,000 and over has to pay 2 pence to £1.
The Crossrail business rate supplement is being used to finance up to £3.5bn worth of Greater London Authority borrowing and the repayment of this sum after Crossrail is completed. A further £0.6bn of business rate supplement revenues have been used to finance the construction works directly.
The Crossrail business rate supplement will need to be levied until the Greater London Authority's borrowing is repaid which is expected to be some time in the 2030s.
Crossrail will connect the outer suburbs and Heathrow to the West End, City and Canary Wharf. It is pivotal to the future of London's economy and the increased earnings - from new jobs and quicker journeys - will benefit businesses across London.
It is the single largest investment in London's infrastructure for decades, employing up to 14,000 people at the peak of construction.
Crossrail services are due to start on the Shenfield to Liverpool Street section in 2017 and through central London in 2018, followed by a phased introduction of services on the rest of the route.
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