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Transport for London today set out plans for the extension of the Bakerloo line beyond Elephant and Castle to Lewisham.

The new route would include four new stations, two on the Old Kent Road and others at Lewisham and at a key interchange at New Cross Gate.

It would dramatically improve transport links into central London from across the historically poorly connected South East of the capital with a Tube departing every two to three minutes.

However, there remained doubts over how the project would be paid for.

Although it is set out as a capital scheme in the most recent TfL business plan, funding is not yet in place.

TfL is expected to ask developers along the route to contribute and to lobby Government to keep more of the revenue raised through stamp duty and business rates.

The consultation, published today, said the new link had the potential to boost growth in south east London, supporting 25,000 new homes and 5,000 jobs.

The proposed extension is one of several new infrastructure projects the capital needs to cope with its growing population, expected to reach over 10 million by 2030.

It would provide extra capacity on the Tube for 65,000 journeys in the morning and evening peak, with reduced journey times, helping to relieve over-crowding on the trains and buses.

There would be a knock-on effect on congestion on the roads, with both CO2 emissions and air pollution falling.

The project, which would include building ventilation shafts along the route as well as the four new stations, is backed by local boroughs Southwark and Lewisham, who cite its potential for growth as well as transport connectivity.

TfL has already announced that it wants the project to be completed by 2028/29, two years earlier than planned, the same time as the upgrade of the rest of the Bakerloo line.

The Mayor’s transport body also said it was committed to a second phase of the extension beyond Lewisham.

The proposed route was chosen over others than went through Peckham and Camberwell because it offered the most regeneration possibilities.

Sadiq Khan said the extension would bring “substantial” benefits for thousands of Londoners with a new direct route into the heart of the capital.