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Crossrail gets go ahead
Construction for the link - from Maidenhead, Berkshire, through to Essex - is expected to start in 2010. It will provide 24 trains an hour into the heart of London from the east and west, improving rail links to the West End, the City and Docklands.
Gordon Brown said it was a great day "for London, Crossrail and the economy".
He said the project was of "enormous importance, not just for London but for the whole country" and would generate 30,000 jobs.
The government is providing a third of the money with the rest made up from borrowing against future fares and a levy on London business rates.
Mr Brown said: "I believe we have come up with a workable, robust and cost-effective business plan.
"Crossrail will add £20bn to the UK gross domestic product. Today's go-ahead proves that London works best when London works together."
Transport Secretary Ruth Kelly said the project had "eluded all previous governments" due to the funding gap and that the scheme would leave a "lasting transport legacy".
Crossrail services are due to be running in about 10 years. The idea was first proposed in the 1980s, but supporters have had difficulty in securing the funding.
Describing the move as a "internationally recognisable vote of confidence" in London's economy, Mayor Ken Livingstone said: "Crossrail is not just a transport scheme, it is the key to the next 20 years of economic development of London."
Michael Snyder, chairman of the City of London's Policy and Resources Committee said he was delighted that many hours of detailed discussion had helped "deliver the new railway that London so desperately needs".
Baroness Valentine, chief executive of business group London First, said it was like a "piecing together a giant jigsaw" and would be crucial "when Chinese and Indian businesses consider where to site their European HQs".
The Rail Maritime and Transport union (RMT) welcomed the decision, but urged the government to go further by approving a new north-south high-speed rail link as well.
As well as adding capacity to London's overcrowded tube network, Crossrail will improve links to Heathrow and other airports.
