FUNDING for a crucial junction improvement scheme in Finchley has been secured by transport bosses.

The proposed £8 million investment for Henlys Corner had been placed at risk until after the results of the ConDem Government's spending review last week.

But Transport for London (TfL) confirmed yesterday that the money will be made available to upgrade what is one of the most dangerous sections of road in the capital.

Supporters of the scheme claim it will provide “much needed and long anticipated” improvements, which include new filter lanes to ease traffic flow and new signal controlled crossings for pedestrians and cyclists.

Mike Freer, MP for Finchley and Golders Green, described the decision as “truly excellent news”.

He said: “I’ve been lobbying [Mayor of London] Boris Johnson, TfL and the Secretary of State, to deliver this scheme since I was elected, so I’m delighted that they have listened and accepted how important this investment in infrastructure is for north London.

“Times are tough but the Government has recognised it needs to spend, even now, on London’s transport system to keep the private sector motoring.”

Preparatory works on the scheme are set to begin early next year, with the main works starting in spring 2011.

The scheme is expected to take seven months to complete, with all works finished ahead of the London 2012 Olympic Games.

TfL is working with Barnet Council to organise consultations with residents on the plans, and Tory bosses believe it it will help ease issues at the “notorious bottleneck”.

But council leader, Councillor Lynne Hillan, said the authority remained adamant the scheme “does not preclude future measures to further improve the junction”.

She said: “We are delighted this scheme is going ahead.

“While we still press for a more comprehensive scheme to tackle the problems at Henlys Corner, these improvements should make a tangible difference to the congestion at the junction.”