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Oxford Street is set to become part-pedestrianised under the latest plans to revitalise Britain’s premier shopping street.

Buses would be re-routed north of Oxford Circus to enable a new “public piazza” to be created on either side of the junction with Regent Street.

In addition, the busy sections of Oxford Street in front of Selfridges, around Bond Street station and between Soho Street and Tottenham Court Road are being “considered for a high level of pedestrian priority”.

This could include restricting traffic at “critical times of the day”, an outline of Westminster council’s £150 million plan states. There would be “fewer and slower” buses in the busiest pedestrian areas, with speed limiters potentially fitted to buses, the Standard was told.

Vehicle speeds rarely exceed 15mph but the limit would be reduced from 30mph to 20mph to improve safety.

The Tory authority drew up plans to “future proof” the street, prepare for an influx of visitors when Crossrail opens and help traders compete against online retailers and shopping centres such as Westfield. It followed a council decision last April to withdraw support for Mayor Sadiq Khan’s alternative £43 million plan to part-pedestrianise the western end of the street, causing that scheme to collapse.

The council’s proposals, which have received between two-thirds and three-quarters backing from residents and businesses, would narrow Oxford Street to one lane in each direction to allow pavements to be widened. Work could start in the autumn.

One property expert said the proposals were “sensible” rather than exciting but praised the council for securing the backing of residents. There would be no outright ban on traffic.

The council wants to ban diesel buses and taxis from Oxford Street “as soon as is practicable”.

A spokesman for the Mayor said: “From the sketchy proposals seen so far it appears that they nowhere near match the ambition of our joint plans the council unilaterally pulled out of last year. Small cosmetic changes would mean Oxford Street will continue to be polluted, congested and dangerous.”