Boris Johnson has asked the Government for permission to raise funds for the planned extension of the Northern line from Kennington to Battersea Power Station.
The Mayor, Transport for London and Wandsworth and Lambeth councils have asked the Government for permission to raise money for the project through tax increment financing - a fund-raisin method that has not been used in Britain before but is common in America.
They hope to fund the £850 million scheme, which raises money through the sale of council bonds which are then be repaid via an increase in business rates when the regeneration is completed.
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