The Government has announced it will lend £200million to Canary Wharf Group to get the Wood Wharf development started.

The works have already been given planning permission, so with this new funding from the Homes and Communities Agency (HCA) works are expected to begin with months.

Canary Wharf Group’s chairman and chief executive Sir George Iacobescu CBE said: “This crucial contribution by the HCA towards the infrastructure needed to underpin the next phase of Canary Wharf will enable the Group to fulfil its ambition of creating one of the most exciting and vibrant places to live and work in London.

"This is just the type of targeted and practical assistance that our sector needs to help deal with the housing shortage in London."

HCA chief executive Andy Rose said: “The agency has demonstrated that by working in partnership with the private sector and the mayor of London, a project of this scale and complexity can be delivered. This loan supports the building of thousands of homes, creates significant employment and represents good value for the tax payer.”