The Bakerloo Line extension would slash journey times from Old Kent Road to Oxford Circus to thirteen minutes, a report has found.
The paper, commissioned by Central London Forward, a twelve-borough coalition backing the extension, said it would be “transformational” for the capital.
The project, which would see three new tube stops built between Elephant and Castle and Lewisham, would create 9,700 jobs and “unlock” the construction of 20,400 homes, the report found.
Cllr Kieron Williams, Chair of Central London Forward and Leader of Southwark Council, said: “The Bakerloo Line Upgrade and Extension is an investment that would keep our city moving forwards.
“At a time when we urgently need to get growth back on track, it would boost our economy, create jobs, and unlock tens of thousands of much-needed homes, all by making better use of the tunnels we already have beneath our capital.”
Commuters from Old Kent Road currently face a 38-minute cross-city trek to Oxford Circus.
The Bakerloo Line Extension would mean upgrades to the line’s 1970s rolling stock and signal improvements meaning speedier trips for passengers.
However, the infrastructure project cannot happen with additional funding from central government.
The Department for Transport announced a one-year capital funding deal for TfL in December worth £250 million next year.
Transport for London (TfL) says this is well short of the £500m to £600m it needs from government annually to follow through with its major infrastructure projects.
Andy Lord, Commissioner of Transport for London, said: “While we are grateful for government for providing £250m towards our capital investment programme for 2024/25, securing long-term certainty would allow us to start planning properly for future investment.
“It is vital we get certainty of funding to allow us to move forward with the Bakerloo line Upgrade as soon as possible and in the most cost effective manner. This upgrade is necessary to support the extension which is safeguarded and ready to take through the planning process.”