The Northern Line Extension
The Northern line extension (NLE) from Kennington will provide the fast, high capacity transport link needed to support a major increase in the number of residents and businesses based in Nine Elms on the South Bank. It would provide two new tube stops within the area – one would be located on Wandsworth Road and another at Battersea Power Station.
The Government has confirmed a £1bn loan guarantee to fund the scheme and Transport for London will make a formal planning application under the Transport and Works Act in 2013. The new stations could open by 2019. The loan would be repaid through a levy on the area’s development sites and through future growth in business rates revenue. Three years of detailed planning and design work are already been complete and the scheme received widespread backing during its first and second round public consultations.
Find out more about the plans to extend the Northern line on the TFL website.
Driving Growth
An independent study by leading economic consultancy Volterra has concluded that the wider economic benefits of extending the Northern line would pay for the scheme between three and nine times over.
The Volterra’s economic benefits study concluded that the new Tube link would:
- expand the Central London Activity Zone – one of the most productive commercial districts in the world.
- generate up to £7.9bn in wider economic benefits and up to £4.5 billion in additional tax revenue for the Exchequer.
- repay the money spent delivering the NLE between three and nine times over through increased economic outputs and increased foreign investment in the UK .
- more than treble the number new of jobs created in the area – up to 25,000
- provide capacity for 16,000 new homes in the area
