Boris’s £850m extension to Northern line

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The Northern Line is to be extended in a scheme worth £850 million

Boris’s £850m extension to Northern line

Mira Bar-Hillel, Property Correspondent
26.06.09

Boris Johnson is planning an extension of the Northern line from Kennington to Battersea power station.

The Mayor, Transport for London and Wandsworth and Lambeth councils want government permission to raise money for the project.

They hope to use a financial model involving the sale of council bonds to fund the £850 million scheme.

The method has not been used in Britain before but is common in America. Investment in the bonds is repaid via an increase in business rates when the regeneration of an area is completed.