Project would create two new rail stations and cost between £750m and £950m
Chancellor George Osborne is expected to back the Northern Line extension to Battersea as part of a £30bn investment plan.
The project is expected to cost between £750m and £950m, and the chancellor will confirm the funding as part of his autumn statement this afternoon.
Osborne lent his support to the scheme after a visit to Nine Elms in south London, which would benefit from a new station on the extended line. A stop would also be built at Battersea Power Station, helping to relieve pressure at Vauxhall Station and facilitate the power station’s massive redevelopment.
The grade-II listed power station would become the focus for a £5.5bn revamp which would see a new town centre created, featuring 66,000m2 of retail, restaurant and cafe space.
Redevelopment work on Battersea Power Station could create around 25,000 jobs. Sixteen thousand homes would also be built as part of the project.
Construction of the new underground tunnel and stations will be funded mostly through a levy on private development sites in the Vauxhall Nine Elms Opportunity Area.