Wandsworth Council has agreed to a financing package for an extension of the Northern Line to Battersea. The proposal, worked up by Wandsworth and Lambeth councils, the Greater London Authority (GLA) and the Treasury, is to use Enterprise Zone legislation to capture local business rates revenue for the tube project. The GLA is to borrow up to £1 billion to pay for the extension, with a repayment guarantee, which minimises borrowing costs, announced by the Chancellor of the Exchequer in his autumn statement in December. Loan repayments would be made through contributions from local developers and growth in business rates revenue within a new 'Nine Elms Enterprise Zone'.
展开▼
