In his 'Transport for the World City' report, Lord Adonis stated new funding should be made available now to take the scheme forward "as a priority".
By granting additional funds, a hybrid bill could be submitted by autumn 2019, enabling Crossrail 2 to open in 2033.
Lord Adonis said: "By the 2030s London will be a megacity of more than 10 million people. Even allowing for planned investment and the imminent arrival of the East-West Crossrail line, the capital will grind to a halt unless significant further improvements are made.
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"That's why London needs Crossrail 2 as quickly as possible. A new North-East to South-West line would help relieve severe overcrowding across some of the busiest Network Rail stations in the country, and the most congested Underground lines and overground commuter routes."
The report states in developing the business case, Transport for London (TfL) and the Department for Transport (DfT) should identify "clear proposals to maximise its benefits and increase deliverability".
Key findings include:
• Identify proposals to phase costs and increase affordability – one option would be to delay the north-western branch to New Southgate, which could reduce costs of the initial scheme in the 2020s by around £4 billion.
• Deliver a funding plan in which London contributes its fair share to the project – more than half the total for the scheme.
• Develop a strategy to maximise private sector involvement in the development and funding of stations and their surrounding areas.
• Develop a strategy to ensure the construction of at least 200,000 homes along the route.
Lord Adonis added: "There is no good reason to delay. Crossrail 2 will help keep London moving, create hundreds of thousands of homes and fire regeneration across the city form North-East to South-West. We should get on with it right away, and have the line open by 2033."
(LM)
