Source · Select Committees · Public Accounts Committee
Recommendation 20
20
The Department told us that Crossrail had completed a property and regeneration study looking at...
Conclusion
The Department told us that Crossrail had completed a property and regeneration study looking at 2008 to 2016 which identified some 90,000 homes and four million square feet of office space resulting from Crossrail. It also noted plans in place for 12 major developments around the Elizabeth line stations and Crossrail sites, such as 3,700 new homes at the Royal Arsenal site in Woolwich. The Department said it would do formal evaluations of Crossrail at two year and five year stages, and has set a baseline against which to measure some benefits.55 47 C&AG’s Report, Crossrail, Session 2013–14, HC 965, 24 January 2014, Figure 2 48 C&AG’s Report, para 10 49 Qq 10, 16 50 Q 75 51 C&AG’s Report, paras 4.2, 4.13. 52 Q 75 53 Q 72 54 Q 70 55 Q 74 14 Crossrail: A progress update
Government Response
Not Addressed
HM Government
Not Addressed
4.2 Benefits management is important to ensure that the benefits are defined, measured, and optimised. Industry approach and best practice to benefits management has developed and matured significantly throughout the lifetime of the Crossrail project. 4.3 The department and TfL have worked to manage the benefits through a comprehensive evaluation study and continued assessment of the value for money and revenue forecasting. Work is nearly complete to bring these components together in a benefits management strategy, jointly developed by TfL and the department, that will clearly define the realised and expected benefits of the project and show alignment to the project outcomes/deliverables. This includes a plan of activities to realise the greatest value and 15 manage risks to realising the benefits. These activities will have clear owners and will be set around a fully defined monitoring programme with associated governance arrangements. 4.4 The benefits management strategy will be owned by TfL and enable them to better manage the direct benefits principally, transport benefits, but also engage with the wider stakeholder community (including the Greater London Authority, local authorities and business community) to ensure that the wider benefits that TfL is not directly responsible for, but which the department has an interest in, are managed and maximised including benefits outside of London and wider benefits such as regeneration. 4.5 TfL plan to publish a detailed benefits strategy before the central section opens in the first half of 2022.