The group which represents the interests of businesses across the capital made the call in its manifesto published ahead of the forthcoming London mayoral election.
The Chamber says that the capital’s rising population is placing existing housing and transport infrastructure under severe pressure.
With London’s population expected to reach 10.8 million by 2041, the Bakerloo Line Extension, together with the modernisation of the existing line, will be critical to tackle the housing crisis and supporting London’s growth and productivity.
It will also have a huge economic impact along the route. A report commissioned by Lewisham and Southwark Councils has estimated that the Bakerloo line extension would mean an average economic boost of £7bn per year to the economies of the two boroughs over 10 years, supporting 5,500 new temporary and 6,000 new permanent jobs along the route.
The proposals will bring southeast and central London closer together and provide capacity for 87,000 additional journeys into the capital every morning peak. This will give a much-needed boost to the central London economy by accommodating new jobs and expanding the labour and customer pool for central London businesses.
Damien Egan, Mayor of Lewisham said: “The Bakerloo line extension would be revolutionary for Lewisham. It will cut journey times between Lewisham and central London with trains every 2-3 minutes, make it easier for our residents to get around, and bring more businesses and jobs to Lewisham. London Chamber of Commerce’s support gives a real boost to our Back the Bakerloo campaign.”
Councillor Peter John, Leader of Southwark Council, said: “The south-east of London has been woefully underserved by the Underground network for too long. We firmly believe the Bakerloo line extension is essential to open up new opportunities for jobs and businesses across the city and down into the south-east of London, as well as being essential for the much needed delivery of new homes, especially affordable housing, and services that will make a real difference to people living and working in this part of Southwark.
“I am pleased to the benefits of the extension have been recognised by the London Chamber of Commerce and welcome them to our Back the Bakerloo campaign to secure this vital piece of infrastructure for London.”
Sean McKee, Policy Director at London Chamber of Commerce, said: “Bakerloo Line Extension will be crucial to optimising the full potential of south east London, keeping our city growing, tackling the housing crisis and improving our transport network. But the project is not yet a ‘done deal’, and for trains to start running as planned by 2030, the next Mayor of London will need to urgently the secure the funding and powers to get construction started.
That is why the London Chamber’s just-published agenda for the upcoming elections urges the next Mayor of London to ‘Back the Bakerloo.’