The first new footbridge to be built over the River Thames in more than a decade has been given the go-ahead.

The £22m Diamond Jubilee Bridge will connect Imperial Wharf and Chelsea Harbour, from the exact spot where The Queen boarded the royal barge during last year's flotillas, to Battersea.

Construction on the 170m-long cycle and footbridge could begin as early as next year and more than one million are expected to use the bridge each year.

There will be no segregated cycle lanes and cyclists will be encouraged to slow down.

The bridge, designed by architect Chris Medland from One-World Design, would be built at no cost to the taxpayer with funding met through corporate sponsorship paying for "naming rights".

Mr Medland said: "A new pedestrian and cycle crossing here, now, will be a fitting legacy for the Diamond Jubilee celebrations and one which makes financial and common sense."

It is hoped the bridge will ease pressure on Clapham Junction station and will give commuters access to Imperial Wharf station.

The structure, which will be open 24 hours a day, will be made up of three spans with a design of three arches and would be illuminated at night with lighting tracking people’s movement using sensors.

The council's Design Review Panel, made up of representatives from residents' associations and amenity groups, thought it was a "terrific proposal for that part of town".

Hammersmith & Fulham Council's planning applications committee this week approved plans to build the 170m-long structure alongside the existing Grade II* listed Cremorne Railway Bridge - better known as Battersea Railway Bridge.

Original plans, submitted last October, showed the new bridge attached to the railway bridge but a flood of objections from English Heritage forced designers to rethink the plans.

Nicholas Botterill, leader of the Hammersmith & Fulham Council, believes the bridge will provide a "real boost" to the local economy, bringing jobs and making transport links better and faster.

Wandsworth Council approved plans for the bridge earlier this year and the Greater London Authority must give final consent but, if it goes through and funding is secured, it is hoped that construction could begin next winter.

The most recent footbridges built in London include the Millennium Bridge in 2000 and the Golden Jubilee Bridge in 2002.

To read the application visit www.lbhf.gov.uk/publicaccess and click 'planning search' and enter the planning reference 2012/03582/FUL.