Undated handout photo issued by the Mayor of London's office of an artist's impression of a pedestrianised Oxford Street in central London. Tuesday September 17, 2024. PA
Undated handout photo issued by the Mayor of London's office of an artist's impression of a pedestrianised Oxford Street in central London. Tuesday September 17, 2024. PA
Undated handout photo issued by the Mayor of London's office of an artist's impression of a pedestrianised Oxford Street in central London. Tuesday September 17, 2024. PA
Undated handout photo issued by the Mayor of London's office of an artist's impression of a pedestrianised Oxford Street in central London. Tuesday September 17, 2024. PA

New plan to make London's Oxford Street pedestrian-only will give it 'the boost it needs'


Soraya Ebrahimi
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London mayor Sadiq Khan has announced plans to ban traffic from the city's busy Oxford Street.

The UK government is supporting the proposal as part of a wider regeneration project in the area, with Deputy Prime Minister Angela Rayner claiming it will give the popular shopping district “the boost it needs”.

The project is designed to improve the experience of shoppers, residents, workers and tourists.

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Oxford Street is one of the world’s busiest shopping areas, with about half a million visitors each day.

A previous attempt by Mr Khan to ban traffic from the road was blocked by the Westminster City Council in 2018, which was run by the Conservative Party at the time.

“Oxford Street was once the jewel in the crown of Britain’s retail sector but there’s no doubt that it has suffered hugely over the last decade,” Mr Khan said. “Urgent action is needed to give the nation’s most famous high street a new lease of life.

“I am excited to be working with the new government, and local retailers and businesses, on these plans that will help to restore this famous part of the capital to its former glory, while creating new jobs and economic prosperity for the capital and the country.

“I want Oxford Street to once again become the leading retail destination in the world," the mayor added. "The transformation of Oxford Street will be a leading example of how working together – City Hall and the new government – we can build a better London for everyone.”

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Ms Rayner said: “Oxford Street is a world-renowned shopping destination and we want it to stay that way. By working with the mayor and local leaders, we can ensure it gets the boost it needs.

“This plan to revitalise Oxford Street will drive growth by creating new jobs, generating economic activity and giving a much-needed boost to London’s night-time economy.”

Mr Khan’s latest proposal depends on him obtaining permission from Ms Rayner in her role as Secretary of State for Housing, Communities and Local Government to establish a new Mayoral Development Corporation, which would provide planning powers. This request can be made only after a statutory period of consultation and consideration by the London Assembly.

Westminster City Council chief executive Stuart Love said over the past two years the authority has worked with businesses and residents groups to develop a “shovel-ready” plan to improve Oxford Street without pedestrianisation.

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“The latest pedestrianisation proposal from the mayor of London was only shared with us last Thursday,” he said. “It will be important to receive further details about what is planned, including how long it could take to be delivered and how the concerns of local residents and users of the street will be addressed.

“We will want to know how they will benefit from any proposals, particularly given the practical challenges pedestrianisation may have for the wider area. The council intends to work constructively with the mayor and the government to ensure the best outcomes for local communities, businesses and London."

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Will the pound fall to parity with the dollar?

The idea of pound parity now seems less far-fetched as the risk grows that Britain may split away from the European Union without a deal.

Rupert Harrison, a fund manager at BlackRock, sees the risk of it falling to trade level with the dollar on a no-deal Brexit. The view echoes Morgan Stanley’s recent forecast that the currency can plunge toward $1 (Dh3.67) on such an outcome. That isn’t the majority view yet – a Bloomberg survey this month estimated the pound will slide to $1.10 should the UK exit the bloc without an agreement.

New Prime Minister Boris Johnson has repeatedly said that Britain will leave the EU on the October 31 deadline with or without an agreement, fuelling concern the nation is headed for a disorderly departure and fanning pessimism toward the pound. Sterling has fallen more than 7 per cent in the past three months, the worst performance among major developed-market currencies.

“The pound is at a much lower level now but I still think a no-deal exit would lead to significant volatility and we could be testing parity on a really bad outcome,” said Mr Harrison, who manages more than $10 billion in assets at BlackRock. “We will see this game of chicken continue through August and that’s likely negative for sterling,” he said about the deadlocked Brexit talks.

The pound fell 0.8 per cent to $1.2033 on Friday, its weakest closing level since the 1980s, after a report on the second quarter showed the UK economy shrank for the first time in six years. The data means it is likely the Bank of England will cut interest rates, according to Mizuho Bank.

The BOE said in November that the currency could fall even below $1 in an analysis on possible worst-case Brexit scenarios. Options-based calculations showed around a 6.4 per cent chance of pound-dollar parity in the next one year, markedly higher than 0.2 per cent in early March when prospects of a no-deal outcome were seemingly off the table.

Bloomberg

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Director: Laxman Utekar

Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna

Rating: 1/5

MATCH INFO

Liverpool 4 (Salah (pen 4, 33', & pen 88', Van Dijk (20')

Leeds United 3 (Harrison 12', Bamford 30', Klich 66')

Man of the match Mohamed Salah (Liverpool)

Updated: September 17, 2024, 7:18 PM