Crossrail is a MASSIVE project. It's actually really impressive that it's getting delivered at all. I hope we see a lot more of these large scale projects - they don't just change commutes and travel, they change places and lives.
You're absolutely right about how significant a change a project like this is in terms of towns, communities and lives.
I also walk along the Jubilee Greenway in East London quite a lot, and much of that is built on top of the old above-ground sewer pipes that lead down to the old Bazalgette sewage pumping station in Abbey Mills. Hopefully once those pipes are decommissioned the Jubilee Greenway should be much nicer to walk along!
Income tax payers are already at breaking point - especially those who don't own land.
Don't expect many more "rob from the poor to give to the rich" schemes until tax is reformed.
1) Crossrail cost billions
2) Income tax payers in the UK had to pay for that
3) Income tax payers have had enough and don't want to pay for infrastructure that benefits others
Those who benefitted the most? The land owners in London who have made billions
If the price increases -- the portion solely due to crossrail -- was taxed at 42% like income, then there would be far more money available for useful projects (like crossrail)
Therefore the OPs hope ("I hope we see a lot more of these large scale projects") would be answered
Secondary benefits will also fall on riders of other lines and street transportation that become less congested by riders diverted to the new Crossrail route.
Not 42%, but most properties will attract capital gains tax when sold.
Had enough? What does that mean exactly?
The people who will benefit from crossrail the most are the main income tax payers who go to work every day on the tube. Salaries in London are 2-3x higher than outside and income tax gets disproportionately higher the more you earn.
Can you imagine if the tube was never built because it would benefit rich landowners in London more than other people?
That no longer happens.
That said I can see the argument for a property improvement tax but it would be messy to figure out - London projects effect huge swathes of property in differing ways.
Most urban transit systems are publicly subsidized in order to keep down the cost to riders, which is of most benefit to the less well-off. Even people who do not live or travel in a big city benefit from the economic activity and revenue they generate. Public transport, if implemented reasonably efficiently, can justifiably be called an investment.
Buy a house for £300k with a 270k mortgage, pay £5k stamp. Crossrail increases it to £600k. Sell the house, repay mortgage, buy new house elsewhere for £300k, pay £5k stamp, and you've suddenly changed your £35k into £325k.
The UK could desperately do with some land taxation, but it's hardly reasonable to say that "income tax payers are at breaking point". It's the people on low incomes that are closer to breaking.
Besides, since Brexit, nobody cares about the deficit or credit rating. We can just debt-fund everything!
Because workers can now use Crossrail to live farther from the city centre (along Crossrail route), thus reducing the price of other houses in the city (which are not along Crossrail route).
Honestly, I think Crossrail is one of the most efficient spends of tax, beneficial for both poor and rich people.
Also note that the UK has progressive taxation, so it was actually rich people who paid for Crossrail.
You're using the definition of rich that is "high paid"
I uses the definition of rich that is "high wealth"
My objection to that statement is that rich people also pay taxes.
To pay a £1500pcm rent on a modest house in outer London while commuting to work, I would have to earn about £60k more than someone who owns it outright and lives off dividends with the same disposable income, and therefore I’d be paying £25k more in taxes.
On top of that the owner would see their wealth increasing at a further £50k a year, which would require even more income to match.
In the UK income is taxed at 30-75% (including NI, income tax, student loans, and child tax). Capital gains is 18%-28%.