The Croxely Rail Link will create more than 9,000 jobs and be worth more than £8 billion to the economy, council chiefs estimate.

Hertfordshire County and Watford Borough council bosses have vowed to reap the full benefits of the £280m+ project.

The Croxley Rail Link is expected to be completed by 2018, linking Watford Junction and Watford High Street with London.

Councillor Terry Douris, Herts County Council Cabinet Member for Highways, said: “We worked hard to keep the project alive and to see the realisation of this scheme after so many years is testament of the hard work and persistence of everybody involved.

“However, in many ways this is only the beginning and we look forward to continuing our work with Hertfordshire Local Enterprise Partnership, Watford Borough Council and other partners to realise the raft of fresh opportunities this rail link will bring, including new jobs and a boost to the local economy.”

The Hertfordshire Local Enterprise Partnership is committing £87.85m to the project, which is 40 per cent of the expected Growth Deal funding from the Government.

Chairman John Gourd said: “This demonstrates the huge importance that we attach to this rail link and the considerable economic benefits we believe this will bring to Watford residents, businesses and the wider community.

“This investment will also go a long way in helping the LEP to achieve its goal to deliver 15,000 new jobs by 2021.

“We have worked hard with our partners including Hertfordshire County Council and Watford Borough Council and are delighted to have now reached this exciting stage.”

Manny Lewis, Managing Director of Watford Borough Council, believes the scheme will bring £1.4bn of investment into the town.