Transport for London today has announced plans to extend the Bakerloo line beyond Elephant and Castle to Lewisham. The new route comes with four new stations, two on the Old Kent Road and others at Lewisham, with a key interchange at New Cross Gate.
This would dramatically improve transport links into central London from the South East, which will see a tube departing every two to three minutes.
However, funding for the extension is yet to be secured, although it has been set out as a capital scheme in the most recent TfL business plan.
London Mayor, Sadiq Khan said; “I’m delighted that we’re pushing ahead with the Bakerloo Line extension two years earlier than originally planned."
Colin Stanbridge, chief executive of the London Chamber of Commerce, added: “The Bakerloo Line extension is an important step forward in investment in our city’s infrastructure and one which we have been calling for since before the mayoral election.
“It is more important now than ever that we continue to look to invest in our ageing transport infrastructure which too often faces overcrowding and congestion. Targeted investment is essential to ensure that London remains attractive for businesses, visitor and potential investors
“It is essential that we press ahead not only to reduce congestion on the Tube and roads, but also to unlock housing potential.”
The consultation, published on Friday revealed that the new link would lead to the creation of 5,000 jobs and 25,000 new homes. TfL is set to ask developers along the route to contribute and lobby the government to retain a large proportion of revenue raised through stamp duty and business rates.
The extensions would provide extra capacity on the tube for 65,000 journeys in the morning and evening peak hours, and also reduce journey times ,reducing overcrowding on the trains and buses.
TfL expects the project to be completed by 2028/29, two years earlier than planned. The extension has received backing by local boroughs Southwark and Lewisham, who lauded the plan as an opportunity for growth and improvement of transport connectivity.
