London could halve the cost of major new transport projects by adopting a European model of planning and financing, a City Hall report has said. Infrastructure projects in London are often more expensive than in other European cities, with the Jubilee line extension costing 10 times as much per mile compared to a similar project in Madrid. The report, entitled Mind the Funding Gap, called on the mayor and TfL to restart work on Crossrail 2, which was paused after the government stopped funding during the Covid-19 pandemic.
Last month, Brightline's Chief Executive Officer Mike Reininger said construction costs were increasing due to rising labor and material costs, in part caused by high demand due to the proliferation of data centers, power plants and transportation projects. Given the increase in project costs we needed to figure out a way to advance the project, Reininger said in an email.