Plans to raise £1 billion through a private finance initiative to pay for new trains in London have been scrapped. Taxpayers and passengers will now foot the entire bill for the 600-carriage Crossrail fleet.
The announcement came in a joint statement from the government and the Mayor of London. Officials feared a complicated PFI involving long, drawn-out negotiations would lead to delays.
"Nothing must get in the way of this fabulous new railway and it is fantastic news that we can now crack on with buying the wonderful fleet of brand spanking new trains."
The Department for Transport and City Hall will now come under pressure to award the contract for the new trains to a British factory.