Cars could be banned from two of the busiest roads in the Square Mile under plans to create a pedestrianised zone in the City.
The £10 million proposals will see many of the district’s medieval lanes and alleyways opened up with improved lighting, more greenery and clearer signage to help the area retain its status as one of the most important financial centres in the world.
Members of the City of London Corporation are understood to be finalising discussions which could lead to closing two of the roads that run through the junction outside the Bank of England – most likely Poultry and Threadneedle street or Cornhill.
The move is in response from workers in the area and to improve road safety.
If agreed, planning for the ambitious scheme will start in November, with the transformation complete by 2018.
More than 300,000 people arrive in the City for work every morning, A number of new skyscrapers in the area, including the Cheesegrater and Walkie Talkie, are expected to push the working population up further.
Property developers have given their support to the plans, which will be largely funded by a levy on new developments.
Victor Callister from the corporation’s department of the built environment, said the changes were vital.
“London’s unique selling point is its environment and its history but at the moment you can’t see any of that without being almost run over,” he said.
Tim Allibone, asset management director at Land Securities, which owns the City’s new shopping centre, One New Change, said: “The Bank junction is incredibly hostile. We find that workers on the west side often just don’t think it’s worth crossing over to get to the shops and bars on the east side.”
The proposals are yet to be voted on formally, with a corporation spokesman saying the plans were still in a “very early stage”.
He added: “We are considering all options to improve Bank junction given the growing demands on this part of the Square Mile. The increasing number of workers in the area means that pedestrian routes, cycle safety and improving traffic flows will be a major focus of any changes adopted.”
The corporation is investing heavily to improve the Square Mile. The plans follow New York, Paris and Singapore which have created city centre pedestrian zones and traffic restrictions in recent years.
