Government investment in major infrastructure projects like the Bakerloo line extension will be vital to Britain’s post-COVID economic recovery.
In a comment piece for the OnLondon website, Peter John, Leader of Southwark Council and Damien Egan, Mayor of Lewisham have teamed-up to explain why now, more than ever, than Government must work with TfL and the Mayor of London to ensure the Bakerloo line extension goes ahead as planned.
This major infrastructure project would extend the Bakerloo line from Elephant and Castle to Lewisham and potentially on to Hayes in Kent.
Not only would the extension boost the local economy by bringing the tube to parts of south London that have never been connected to the Underground network before, but it would also bring major benefits to the rest of London and the country as a whole.
Extending the Bakerloo line will enable an additional 12,000 new homes to be built as part of the Old Kent Road regeneration – bringing the total to 20,000 – and will help to create at least 10,000 new jobs in the Old Kent Road area.
Across the city, from Harrow to Hayes, this extended cross-London route would pass through ten major regeneration areas including Old Oak Common, Elephant and Castle and Old Kent Road and, in total, will help to deliver more than 100,000 new homes and 100,000 new jobs around Bakerloo line stations (both new and old – from one end to the other).
In their OnLondon article, the two borough leaders explain that, just in construction alone, the Bakerloo line extension would create 12,000 jobs in London and a further 18,000 throughout the nationwide supply chain. They also estimate that the project would more than pay for itself; generating a tax surplus to central government of £17.3 billion by 2050 – a fraction of its estimated cost.
You can read the full article on the OnLondon website.
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Southwark and Lewisham councils have spent seven years working with TfL to make this project happen and the two boroughs have campaigned, jointly, to build momentum and support.
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