Chancellor George Osborne visited Nine Elms this week and gave his backing to a project to extend the Northern Line into the heart of north Wandsworth.
The Northern Line Extension (NLE) will form part of a £30bn infrastructure investment package to kick-start growth in the UK economy.
The NLE will improve transport capacity throughout the Vauxhall Nine Elms area with stops at Wandsworth Road and Battersea Power Station.
Battersea Power Station would become the focus for a new town centre with 66,000 square metres of retail, restaurant and cafe space - more than Clapham Junction and Wandsworth town centres.
Ravi Govindia, leader of Wandsworth Council, said: "The Northern Line Extension will turbo-charge the regeneration of Nine Elms, creating 16,000 new homes and 25,000 jobs.
"It will deliver billions in growth for the wider economy and draw new investment to this part of the city.”
It is understood that a two station tube extension in the area could generate approximately £4.5 billion in tax receipts for the Treasury.
A formal planning application could be submitted in 2012 and the Tube link open for business by 2018.
For more information visit northernlineextension.com
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules here