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The City View: Crossrail finally arrives

1 1 0
24.05.2022

Today Andy Silvester talks to Adam Tyndall, Programme Director for Connectivity at London First. They talk all things Crossrail — from the first idea of an East-West railway in the 19th century, to the funding behind the Elizabeth Line, and to the future of London’s transport system.

And in other news — Shell’s AGM was disrupted by climate activists earlier today, and Kwasi Kwarteng has stated that hitting electricity suppliers with a windfall tax would be a “challenging proposition”.

Episode transcript (auto-generated)

Andy Silvester 0:08 Good afternoon and welcome to The City View podcast with me Andy Silvester, the editor here at City A.M. on what is a momentous day for the capsule. The opening finally, of the Elizabeth line will be in three parts a few years late, but still very, very impressive and in a few minutes I’ll be talking to Adam Tyndall from London first and man he knows more about London’s transport network than probably anybody should. He and I will discuss Crossrail and what’s next for the capital? Firstly, some corporate and politics news and hitting electricity generators with a windfall tax will be a quote challenging proposition unquote, and could hamper the UK’s netzero ambitions. According to Business Secretary Kwasi Kwarteng the business equity also came out firmly against a windfall tax on oil and gas companies saying the policy is not a good idea and comments that will put him in clear opposition to Chancellor Rishi Sunak Sunak is said to want to impose a levy on excess profits. We’ll let you decide what excess profits mean. Made by British oil and gas firms after the experienced record returns over the past 12 months. That money would be in theory at least go towards families struggling with soaring energy bills the head of OFGEM today warning in parliament that the energy price cap likely to go up to as high as 2800 pounds in October. The FT reported yesterday that Sunak has told Treasury officials to draw up proposals for the levy to hit electricity firms, including renewable energy generators, like wind farms, quite how that aligns with plans to move towards net zero is not quite clear to me. Also in the NGO world shells Annual General Meeting is finally underway again now at 4pm. After a delay for nearly three hours following protests from climate activists, protesters stormed a meeting at Methodist hall where shareholders were set to vote on the oil and gas giants climate Transition Plans. Dozens of protesters from groups such as extinction rebellion derailed the proceedings this morning. chanting slogans like Shell must fall and holding banners a shelter So Angie Mackenzie tried in vain to continue the meeting. Mackenzie eventually said that he was welcoming everybody’s views. But there were things that just required a little bit of peace and quiet. Meanwhile, the Bank of England has said lenders insurers that do not respond to factories climate risk could face major hits to their profits. Official separate actions varied across different financial institutions, but a 10 to 15% drag on profits on average, could be the case in the worst case scenario. Losses of this magnitude can make individual firms and the financial system overall more vulnerable to other future shocks. The bank said in its biennial stress tests elsewhere. Good news from Shaftsbury as they see the West End picking up following good news from Grosvenor as well yesterday, and news two from Topps Tiles will thing the DIY boom continuing as people continue to sort out their bathrooms. There’s plenty more on city am.com right now and will be in tomorrow’s newspaper as well. But for now we are going to talk Crossrail and London’s transport network, because there’s plenty to talk about. So Adam Tyndall from London First joins me now. Adam, pleasure to have you here.

Adam Tyndall 3:01 Great to be here.

Andy Silvester 3:02 And we’re going to talk about day dot on Crossrail and where this project has come from and perhaps where London goes next. I need to get he’s calling it the Elizabeth line. But you’ve had the pleasure of riding this this revolutionary new transport today. What do you think?

Adam Tyndall 3:19 I think it’s, it’s just fantastic. I was eavesdropping on conversations all around me. And from two women on an escalator in in Woolwich station, who were comparing how long they’ve been waiting for it living in the area and waiting for it to open through to the kids running up and down the carriage taking photos. people commenting on how quiet is how smooth the ride is. It was it was just fantastic. And actually probably the most striking thing was when Paddington I transferred to the Bakerloo line. And that’s out onto the onto the platform and thought, wow, this is small.

Andy Silvester 4:00 Yeah, yeah, no, I was lucky enough to the I just started running the test runs. I went on it but obviously there’s nobody, nobody on it at that point. So you don’t get a........

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