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A Bakerloo line extension was today demanded by a cross-party group of politicians and business chiefs.

They urged the Prime Minister to provide government funds for the £3 billion scheme, which he supported while he was mayor.

Transport for London wants to extend the line into south-east London from Elephant and Castle, with two new stations in Old Kent Road and at New Cross Gate and ­Lewisham.

A second phase could see the line extended to Catford, Lower Sydenham, Hayes and Beckenham Junction using a converted rail line.

The Back the Bakerloo campaign believes that extending the line would “unlock” the development potential of a deprived area and deliver up to 110,000 new homes.

Mayor Sadiq Khan has vowed to complete the extension by 2028/29, but TfL needs a long-term funding commitment from the Government.

TfL today launched a further 10-week public consultation on its plans.

The first phase would involve ­digging a tunnel between Elephant and Castle and Lewisham.

Views are sought on a new station entrance at Elephant and Castle, the tunnel route and the names of the two stations to be built in Old Kent Road.

TfL’s five-year business plan commits it only to “continue to develop plans to extend and upgrade” the line. The latest consultation is expected to show that “different funding options” are being investigated by TfL.

Like the Piccadilly line, the Bakerloo’s signalling needs to be modernised to enable trains to run more frequently. Its fleet of trains date from the Seventies, the oldest on the Underground, and are eventually due to be replaced with walk-through carriages.

Today a letter signed by five borough leaders, MPs including Harriet Harman and Dawn Butler, the business group London First and developers including Lendlease, Galliard, Peabody, Landsec and Berkeley was sent to Downing Street.

The upgraded line would allow up to 36 trains an hour in the morning peak, enabling it to carry up to 87,000 more passengers into central London.