It's part of a multi-billion-pound programme of funding designed to
"get Britain's economy moving". Along with the Tube stations will come a
redevelopment of Battersea Power Station, which will include shops,
office space and leisure facilities. The Treasury will provide a guarantee that allows the Greater London
Authority (GLA) to borrow up to £1 billion from the Public Works Loan Board,
at a preferential rate, to finance the construction of the extension of the London Underground line.
Boris Johnson was delighted and said "after months of intensive discussions and hard
work we have got the go-ahead from Government on financing an extension
to the Northern Line. It will be an incredible
confidence boost for developers preparing to invest there and it will
also be a considerable boost for local people who will benefit from the
new Tube link."