A major extension of the London Underground could be one step closer to becoming a reality as funding is possible next year.
The proposed expansion of the Bakerloo line southwards to Lewisham from Elephant and Castle has been in the offing for years.
But Transport for London (TfL) officials and Sadiq Khan, who is the authority’s Chair, have said that more cash is needed to get it over the line.
Now, it has emerged that bosses could get funding as early as spring of next year, the Local Democracy Reporting Service (LDRS) reports.
A senior TfL official, speaking at the launch of a new business-led campaign to extend the line to Hayes, Bromley, via Lewisham, said that the Government’s focus on housing development means the chance of cash being supplied has improved.
Alex Williams, TfL’s chief customer and strategy officer, also told attendees that there are ‘peaks and troughs’ in planning any major rail project.
He said: “It feels to me, in that peaks and troughs thing, that it’s on the way up, that there’s some good planets aligning to make sure that we are going to proceed with the scheme.”
Mr Williams added: “But to get it over the line, we absolutely do need business support for that, and that coalition of the private and public sector.”
Based on 2021 figures, it is thought that the project could cost between £5.2 billion and £8.7 billion.
Sadiq Khan has said in the past that the Bakerloo line’s trains, which are the oldest still being operated on the Tube, would need to be replaced before the route is extended.
It is understood that TfL plans to request funding from the Chancellor of the Exchequer, Rachel Reeves’ ‘comprehensive spending review’, which is set to be launched in the spring.
In October, Ms Reeves announced that the Government would change its self-imposed debt rules in order to free up billions for infrastructure spending.