The benefit-cost ratio in the latest 2011 update of the business case was 1.97. This means every £1 invested in Crossrail would achieve £1.97 of benefits to the economy. The assessed benefits of Crossrail in the economic appraisal of the programme are shorter journey times and less congestion. This is within the Department's definition of 'medium' value for money, a range of 1.5 to 2. The benefit-cost ratio increases to £3.10 of benefits for every £1 of investment in Crossrail if estimated wider economic benefits are included. Crossrail Ltd has not updated the business case since 2011.
The business case states that Crossrail will bring about a wide range of additional economic and social benefits. For example:
• The Elizabeth line will bring 1.5 million more people within a 45-minute commute of the existing major employment centres of the West End, the City and Canary Wharf (up from 5 million currently), and make major international gateways like London Heathrow more accessible.
• Crossrail will support up to 14,000 construction jobs and 1,000 jobs operating and maintaining the railway once complete.