How will Oxford Street development deliver for London’s economy?
Pedestrianisation of Oxford Street was first proposed by the Mayor in his 2016 manifesto, with detailed proposals consulted on in 2017. The plans did not proceed following Westminster City Council’s decision to withdraw its support.1
In September 2024, the Mayor announced plans to transform Oxford Street. Under the Mayor’s proposal, he has designated a new Mayoral Development Area for the street and established a Mayoral Development Corporation to deliver the pedestrianisation programme.2
The first phase of pedestrianisation between Great Portland Street and Orchard Street will cost £150 million and will be funded by borrowing.
The Mayor has stated that his proposals include:
- “creating a beautiful pedestrian-friendly public space to attract shoppers, which can host exciting events and activities to make Oxford Street a place for all;
- creating a well-designed, high-quality space that showcases the best of London's talent, assets and opportunities – a place that Londoners feel proud of and those coming to London want to visit, invest in and return to;
- hosting exciting events to showcase and test the potential of a new and more inviting public space.”3
In setting out the strategic case for intervention, the proposals describe Oxford Street as contributing an estimated £25 billion annually to London’s economy.4
Tomorrow, the London Assembly Budget and Performance Committee will meet to question Transport for London (TfL) and Oxford Street Development Corporation (OSDC) officers on the 2026-27 budget plans.
The guests are:
- Nabeel Khan, Chief Executive Officer, OSDC
- Adam Barret, Chief Finance Officer, OSDC
- Helen Cansick, Head of Investment Planning for Healthy Streets, TfL
- Phil Graham, Executive Director Good Growth, Greater London Authority (GLA)
- Elliott Ball, Director of Group Finance, GLA
The meeting will take place on Thursday 19 March 2026 from 10am in the Chamber at City Hall, Kamal Chunchie Way, E16 1ZE.
Media and members of the public are invited to attend.
The meeting can also be viewed LIVE or later via webcast or YouTube.
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Notes to editors
- Mayor must press for Oxford Street pedestrianisation | London City Hall
- Mayor of London, Mayor of London and government announce bold plans to transform Oxford Street, September 2024.
- Overwhelming support from Londoners and businesses for Mayor’s bold plans to pedestrianise Oxford Street | London City Hall
- Overwhelming support from Londoners and businesses for Mayor’s bold plans to pedestrianise Oxford Street | London City Hall
- Neil Garratt AM, Chairman of the Budget and Performance Committee, is available for interview.
- Find out more about the work of the Budget and Performance Committee.
- Read the agenda in full.
- As well as investigating issues that matter to Londoners, the London Assembly acts as a check and a balance on the Mayor.
For more information, please contact Tony Smyth in the Assembly Media Office on 07763 251727 or [email protected]. For out of hours media enquiries please call 020 7983 4000 and ask for the Assembly duty press officer.