Sadly for Southwark and Lewisham residents, after the £18.9 billion Elizabeth Line, the days of big transport infrastructure projects in London appear to be numbered.
That project, which runs east to west across central London north of the Thames, was largely funded by the government, TfL and property developers, as well as other London companies, through increased business rates. The business rate supplement will continue to go towards the Elizabeth Line for years to come, so is not an option for financing the £7.9 billion Bakerloo Line Extension.
Why, despite years of campaigning by TfL, and Southwark and Lewisham councils, and widespread support among local residents, is the project still not getting enough government support? The Old Kent Road area needs more public transport, and with Southwark possibly losing several bus routes, options for getting around could be set to shrink further.
Could the possible new TfL deal mean the Bakerloo Line Extension is revived?
It is a shame that the government’s department for transport does not see how worthwhile investing in south London would be. Introducing the Tube would transform the area, bringing thousands of new homes and jobs, in turn providing opportunities for tens of thousands of people. A City Hall report found that not delivering the extension could cost between £3.6 and £6.4 billion in lost economic benefits.
The widely-praised Elizabeth Line also shows the importance of backing big infrastructure projects. There was talk of the Coalition government axing the scheme in 2010, after the financial crisis – but it survived, and made it through delays, uncertainty and Covid-19 to open in 2022. Why can’t the government show the same commitment and foresight with the Bakerloo Line Extension now?