Re:A Look at HS2's Old Oak Common Station
by Reason077 on Friday August 23, 2019 @05:57AM
(#20775928)
> "Crossrail was funded by me and other tax payers."
A significant portion (over 30% of the original £17.8b budget) of Crossrail's funding has actually come from land owners and businesses, in the form of:
- Business rate supplements
- Property developer contributions
- Community infrastructure levy
- Sale of surplus property along the route
- Contributions from other non-taxpayer funded entities like Heathrow and the City of London corporation
Much of the rest of the funding is from TfL and loans backed by the DfT, which should eventually be payed back from ticket revenue.
Re:A Look at HS2's Old Oak Common Station
by crdoconnor on Friday August 23, 2019 @12:46PM
(#20779449)
30% is not nearly enough. It's still a free lunch for property/landowners.
If only the UK had a real property tax.
Re:A Look at HS2's Old Oak Common Station
by detritus on Friday August 23, 2019 @01:07PM
(#20779785)
> Crossrail is a massive transfer of wealth from working people to wealthy land owners.
Not that I particularly disagree with you, but I have two friends I'd consider 'working people' rather than 'land owners' who potentially benefit from increases in the value of their homes nearby the Crossrail improvements.
House prices near crossrail have risen an extra £133k each (above similar houses in similar places that don't get crossrail).
That's somewhere in the region of £100b.
Crossrail is a massive transfer of wealth from working people to wealthy land owners. It should have been funded entirely by a windfall levy on the increase land value near the stations.