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MPs have hailed the construction of Crossrail as a 鈥渢extbook example鈥� of good project management.

A report by the House of Commons Public Accounts Committee said the scheme should act as a model for how to do other large infrastructure projects without cost overruns.

Richard Bacon, member of the committee, said: 鈥淢ajor, complex infrastructure projects are notoriously difficult to deliver on time and in budget. With Crossrail we see a textbook example of how to get things right.

鈥淗appily, this means Crossrail 鈥� a 拢15.8bn programme in total 鈥� is on course to deliver value for money to the taxpayer.鈥�

The MPs鈥� report said that two years of planning before the construction programme began had been key to the project鈥檚 success.

It added: 鈥淭he Department [for Transport] should capture the lessons it has learned from the Crossrail programme and apply these to its other projects, most notably High Speed 2.鈥�

However, the committee also said that the government had failed to fully capitalise on opportunities to get private sector funding to support the scheme because the project鈥檚 full benefits had not been understood.

It said: 鈥淒fT did not fully realise how the Crossrail programme would benefit London businesses. As a result, it had mixed success in securing the contributions it had negotiated with businesses.

鈥淲hile Heathrow Airport Limited will now only provide 拢70m, less than a third of the funding originally agreed the department has been more successful with London businesses where the benefits of the project have been better understood and explained to the beneficiaries.鈥�

It also said that 鈥渃onsiderable risks鈥� remained in delivering the project by 2019, such as commissioning the railway systems and finding a company to run the line.