Wednesday, Dec 24, 2008
Financial district in east London STILL GROWING?
Reuters via yahoo: Canary Wharf to pay 150 million towards Crossrail
Canary Wharf Group (CWG) is to contribute 150 million pounds towards Crossrail, a rail line set to link Heathrow airport in west London with the still-growing financial district in east London
CWG will design and build a Crossrail station near its office complex on the Isle of Dogs for a fixed price of 500 million pounds, its parent company Songbird Estates Plc said in a statement on Wednesday.
Posted by troy @ 09:11 AM (294 views) Add Comment
2 Comments
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1. drewster said...
With unemployment rising and commodity prices falling, they really should be able to stick to that budget! Either that or they'll need some very creative excuses....
2. mark wadsworth said...
One of the Land Value Taxers' favourite anecdotes, that we tell each other round the camp fire, was that the original developers of Canary Wharf offered to pay a large amount towards the Docklands Light Railway - because they knew that investment in infrastructure, in particular transport infrastructure, increases land values (i.e. the land belonging to Olympia & York), which would have been a win-win for all concerned. Because of gummint bumbling and incompetence, O&Y's offer was ultimately not taken up, which is all well documented.
By the same logic, if there is to be new infrastructure, or existing infrastructure that has to be maintained or subsidised, why shouldn't this be financed this with a levy on land values? Half a free market being better than none.
So bless them, the owners of Canary Wharf are trying again.