£500m deal for Crossrail station

A £16 billion rail project received a welcome boost today when a deal to build one of the link's new stations was reached.

The new Isle of Dogs station for the cross-London Crossrail scheme will be built by Canary Wharf Group (CWG), with work starting early in the new year.

CWG will contribute £150 million to the project, with the other £350 million coming from Crossrail's £15.9 billion budget.

To be completed by 2012, the station project includes 100,000 square feet of retail space and a rooftop park above the station.

Running from Maidenhead in Berkshire in the west as far as Shenfield in Essex in the east, the Crossrail scheme is expected to be completed by 2017.

Transport Minister Lord Adonis said today: "This deal with CWG once again demonstrates the commitment of business to this vital project.

"Crossrail is crucial in keeping London and the rest of the country globally competitive. It will provide a boost of at least £20 billion to the UK economy, as well as creating around 30,000 much-needed new jobs in this difficult time.

"This vital new link will directly connect the heart of London's financial districts and Canary Wharf to Heathrow airport, significantly improving existing public transport links and giving people a real choice about how they make their journeys into and across London."

London mayor Boris Johnson said: "This is a welcome boost to the economy at a time when it is hugely needed.

"Once Crossrail arrives in Canary Wharf, it will act as the catalyst for a further economic boost - allowing the construction of more offices and other facilities, including new shops and more hotels, creating lasting jobs over the coming decades."