Decision

Cabinet approved the following recommendations:

1. Approve the full business case for the Oxford Street and Oxford Circus projects;
2. Approve the draw-down of £7.767m from the OSP budget for Stage 2 of the Oxford Street project, Stage 1 of the Oxford Circus project and all associated costs for both.

Reasons for decision

A new full business case has been prepared, which considers the costs and benefits of the Oxford Street and Oxford Circus projects and confirms the case for investment in consideration of the proposed funding strategy.

Expenditure is required to progress the Oxford Street and Oxford Circus design which forms the basis for engagement with local communities and other stakeholders.