Boris: Bakerloo line extension would cost £2 billion

"I very much support the idea of a future southern extension of the Bakerloo line and, as you know, have initiated work at Transport for London to drive this forward," the Mayor said this week in response to a question tabled by Caroline Pidgeon AM, Liberal Democrat group leader at City Hall.

"The initial work investigating the potential for this proposal suggests the extension could generate significant transport and accessibility benefits across a large area.

"Although the proposal has considerable merit, currently it is unfunded within TfL’s business plan and it is expected to cost in the region of £2 billion to deliver.

"I am therefore keen to understand the funding opportunities that could be realised, and TfL has been working with the boroughs to identify funding opportunities and how promoting significant development along the route could provide a funding stream.

"Once this work is concluded, I will be in a much better position to understand the financial implications of this proposal."

The Mayor's recently published alterations to the London Plan suggest that the designation of the Old Kent Road as an 'opportunity area' could be linked to a future Bakerloo line extension.

This would seem to dent the hopes of Southwark Labour politicians who favour an extension via Camberwell and Peckham.