The Bakerloo line extension will not go ahead as Transport for London doesn't have enough money, Sadiq Khan has warned.
The mayor of London said the £3.1 billion lengthening of the London Underground route through the Old Kent Road to Lewisham “won’t be happening”.
Mr Khan blamed the government for failing to give Transport for London (TfL) enough money.
He told Southwark News: “As I speak to you now, the southern extension of the Bakerloo Line won’t be happening because of the government’s failure to give us long-term investment.
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“What I do know is that southern extension of the Bakerloo Line would lead to tens of thousands of jobs being created, tens of thousands of new homes… the obstacle is the government not giving finances.”
The Bakerloo line currently runs as far south as Elephant and Castle station, where it ends. Under the planned extension, the line would run down the Old Kent Road and then continue towards Lewisham.
Four new stops would be added in Southwark and Lewisham: Burgess Park, Old Kent Road, New Cross Gate and Lewisham.
Mr Khan said it was unfair that there was money for a £1 billion Northern line extension to Battersea in Tory-controlled Wandsworth, but not Labour-ran boroughs.
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He said: “In Wandsworth, the Northern line extension, the new stations in Nine Elms and Battersea, has led to more than 25,000 new homes and tens of thousands of new jobs.
“If it’s good enough for Tory Wandsworth, why isn’t it good enough for Labour Southwark?”
The £3.1 billion Bakerloo extension is expected to be more expensive than the Northern line extension.
But cancelling the project would wipe as much as £6.4 billion off the economy over 40 year, according to a City Hall report.
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TfL is facing a £1.9 billion funding black hole and is arguing with the government over future money it receives.
A £500 million funding deal with the government ended on December 11 but ministers have agreed to prolong it by a week.
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Mr Khan has said Londoners could see their council tax rise £20 a year if the government doesn’t give TfL more money.
Over 60s may see their free travel reduced and Oyster cards could become more expensive.
The Labour mayor has previously warned buses could be slashed by a fifth and a Tube line scrapped if the government doesn’t give TfL more money.
But the Department for Transport said the government has given TfL £4 billion since the start of the pandemic and promised £1 billion per year in this year’s spending review.