Plans for a £70m redevelopment of public spaces in London’s West End have been revealed by Westminster City Council.

The proposals, which would include the overhaul of Leicester Square, Chinatown and Oxford Street, are a part of the council’s aim to revive the ailing shopping and theatre area ahead of the 2012 Olympics and come as figures show a 30 per cent drop in business since the July bombings.

Councillor Simon Milton, leader of Westminster City Council, said: “London’s West End is an economic powerhouse, a shop window for what London has to offer in leisure and entertainment.

“If we are to fully address the economic impact of the bombings and make London’s centre truly worthy of hosting the Olympics and Paralympics, we need to invest now.”

The proposals include improvements to Covent Garden and Theatreland, as well as making the area more accessible for pedestrians and disabled people.

The council is looking for the government and the Mayor to provide part of the funding, as well as a number of private partners.