Proposals to extend the Bakerloo line beyond Elephant & Castle received a boost on Friday when chancellor George Osborne asked TfL to supply detailed costings for the project.
Chancellor George Osborne and Mayor of London Boris Johnson came to Tate Modern on Friday morning to launch the Government's 'Long-Term Economic Plan for London'.
As part of the plan, the Government is asking Transport for London to draw up proposals for the Bakerloo Line extension so that decisions on funding can be taken after the general election.
This week's announcement follows the chancellor's decision last year to allocate fund in the autumn statement for a feasibility study on a Bakerloo line extension
More than 14,000 people responded to Transport for London's recent consultation on extending the Bakerloo line, with 96 per cent of respondents supporting or strongly supporting the scheme.
"We are now working to update elements of the costs, refresh the business case, and investigate alternative options for the scheme," transport commissioner Sir Peter Hendy recently told the TfL board.
Southwark Council leader Peter John – who was at Tate Modern for the announcement by the chancellor and the mayor – said: "I'm genuinely delighted that the Government are now getting on board the Bakerloo Line extension plans.
"We have been working with the Mayor of London for two years now to turn our aspiration into a reality and to extend the line south. The community have been fantastic getting behind the plans and arguing passionately for a two spur route through Camberwell and Peckham, and down the Old Kent Road.
"We will keep working hard with Government, the Mayor and the community until these long overdue trains finally start rolling into their new platforms in Southwark and beyond."
Simon Hughes, MP for Bermondsey and Old Southwark, said: "Our campaign for a two-branch Bakerloo Line extension is gaining momentum. I wrote to the chancellor on the topic last year – and this led to a commitment being made in the government's National Infrastructure Plan.
"I am pleased that the chancellor is now making good on his promise to explore the funding options – but there is still a long way to go and I will keep fighting to deliver the Bakerloo Line extension.