Northern Line Extension & Battersea Tube Financially backed by Osborne

Finally, George Osborne has given the financial  backing to ensure that the Northern Line will be extended to Battersea.  In today's Autumn Statement the chancellor said “I today confirm a billion pound loan and a guarantee to extend the Northern Line to Battersea Power Station and support a new development on a similar scale to the Olympic Park".

Approval to build two new London Underground stations on the Northern Line as part of a £5.5bn revamp of Battersea power station was backed by the mayor, in 2010

From Stefen Cz's post on Albert Square and Saint Stephen's Association blog

It's part of a multi-billion-pound programme of funding  designed to "get Britain's economy moving". Along with the Tube stations will come a redevelopment of Battersea Power Station, which will include shops, office space and leisure facilities. The Treasury will provide a guarantee that allows the Greater London Authority (GLA) to borrow up to £1 billion from the Public Works Loan Board, at a preferential rate, to finance the construction of the extension of the London Underground line.




Boris Johnson was delighted and said "after months of intensive discussions and hard work we have got the go-ahead from Government on financing an extension to the Northern Line. It will be an incredible confidence boost for developers preparing to invest there and it will also be a considerable boost for local people who will benefit from the new Tube link."




The pictures above are from a walking tour of Battersea Power Station I did back in July 2008 when the plans were only just being formulated.

Two new stations at Nine Elms and Battersea Power Station will be opened. Earlier estimates were that the first phases of  work to develop Battersea would be completed by 2016.

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