The plans include extensive re-tunnelling to increase capacity on Northern line platforms and interchange passageways to meet future passenger demand.

Richard Parry, London Underground’s strategy & commercial director, said: “Currently the Northern line platforms at Bank in particular suffer severe congestion during morning and evening peak times, which will get worse as passenger numbers grow.

“This major project to re-tunnel the Northern line at Bank, making more spacious platform areas, with a new entrance on King William Street and four high capacity lifts will relieve congestion at the station and provide step-free access for the Northern line platforms.”

If agreed, work is due to start in 2015 and be completed by 2021.

Kulveer Ranger, the Mayor’s Transport Advisor, said: “Bank station provides access to the heart of the city and is one of the busiest stations on the network, with around 300,000 passengers using it every weekday.

“When complete these schemes will help relieve congestion and make the Northern and Waterloo & City lines accessible to all.