Government guarantees the Northern Line extension

The chancellor has confirmed that the planned extension to the London Underground's Northern Line will go ahead in a move that will improve transport links in the south of the capital.

George Osborne made the guarantee in his Autumn Statement speech in the House of Commons, and his announcement has been welcomed by Wandsworth Council.

The politician said that a loan of up to £1 billion will be provided to fund the project, which will see the Northern Line extended from Kennington to Nine Elms and Battersea.

This will reduce journey times from these two areas into the West End and the City of London to less than 15 minutes in some cases.

Existing residents are certain to benefit from the project, and it could also attract more people looking for property to rent in Wandsworth and Lambeth.

Ravi Govindia, leader of Wandsworth Council, described the news as "fantastic" and said the extension will breathe new life into Nine Elms on the South Bank of the River Thames.

The area is currently the focus of a major regeneration project, which will deliver 16,000 new homes as well as green spaces, local amenities and two new town centres.

"Today's announcement will add momentum to the investment programme and ignite a new wave of interest in this rapidly changing part of London," said Mr Govindia.

"It will revive the last dormant district of Central London and yield billions of pounds in new economic growth and tax revenues."

The council said that the £1 billion loan will be repaid via a levy on private developments within the Nine Elms area, as well as future growth in business rates revenue.

Construction on the Northern Line extension could begin in 2015 of planning approval is granted, which would mean the first trains could be up and running by 2020.

Posted by Martyn Glynn
 

Published 7th December, 2012

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