Council bosses have promised a £6million investment for two beleaguered high streets after opponents claimed they were “dithering” over whether to secure it.

The money, which is jointly provided by the Mayor’s Outer London Fund (OLF), Lambeth Council and private sector partners, will be pumped into development projects in Streatham High Road and Norwood High Street.

It is understood Streatham will receive £1.58million, while West Norwood is in line for a £1.33million boost.

If the investment is secured, it will be matched by an additional £3million from public and private sector groups, including £920,000 from Lambeth Council.

The announcement comes after opposition councillors claimed the funding was at risk because council officers were delaying their decision to match fund the Mayor’s £3million investment.

But speaking to the Streatham Guardian last week council leader Steve Reed pledged to provide the cash, saying it would be “fantastic” for Streatham and West Norwood.

He said: “It is clear we will fund it. But I am still angry with the Mayor. I thought it was designed to make him look generous and the council look mean.”

Jeremy Clyne, ward councillor for Streatham Hill and Liberal Democrat group spokesman for culture, said: “I am pleased they have accepted what we were asking for. A lot of people have been very concerned [about the funding].”

Plans for the neglected town centres include creating better shop fronts, road upgrades and improved lighting.

Mayor of London Boris Johnson said: "We must keep investing in our many high streets and town centres to address the historic neglect of these areas by others.

"Kick starting local growth is exactly what these funds are designed to do."