'London's West End is an economic powerhouse, a shop window for what London has to offer in retail,' said Westminster city council leader Simon Milton. 'There are great challenges ahead. If we are to fully address the economic impact of the bombings and make London's centre truly worthy for the city hosting the Olympics and Paralympics, we need to invest now.'
A range of improvements is also on the cards for Covent Garden, Soho and Edgware Road. Visitor numbers to the capital are still down by as much as 30 per cent, following the July 7 terrorist attacks.
A council spokesperson said: 'We want to make the Oxford Street experience that much better and are calling on others to step up to the plate. Last year, the West End brought£872 million in business rates to the rest of the country but it has been hit by out-of-town shopping and the internet. It's important that we make an investment.'