UK Shifts $1.5B Rail Project To Public Finance Track

Law360, New York (March 1, 2013, 6:03 PM EST) -- After several months of working with a short list of private bidders, U.K. officials announced Friday that they would be changing course and fully backing a £1 billion ($1.5 billion) rail project linking Heathrow Airport to more eastern neighborhoods of London with public funds instead.

Reversing an original financing strategy for the proposed Crossrail project's rolling stock and facilities — which had the public sector kicking in only £350 million — Transport for London and the city government said the move will help ensure the rail...
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