London’s Battersea Subway Link Gets $1.5 Billion Funding Plan

London’s proposed subway link to 16,000 new homes near the U.K. capital’s iconic Battersea Power Station would be financed by local developers and companies under a plan announced today.

The two-mile spur from the existing Tube will be funded via a 1 billion-pound ($1.53 billion) loan raised by the Greater London Authority and backed by the government. Repayments would come from local business rates, made available using legislation on so-called enterprise zones, Wandsworth Council said today.