The mayor of London, Transport for London (TfL) and Lambeth Council announced in December 2017 that work to transform the Waterloo roundabout will begin in early 2020.
The area will be made safer for walking, cycling and public transport through the currently dangerous junction; with concerns over safety frequently cited as one of the key reasons that people are reluctant to cycle in the Waterloo area.
The plans include segregated cycle lanes around the IMAX cinema, cycle-targeted traffic lights, wider footpaths, a full redesign of the junction, improved public spaces and an updated bus station on Waterloo Road.
Will Norman, London's walking and cycling commissioner, said: "Waterloo roundabout is currently one of the most dangerous junctions in London, so it's great news that we can progress with our plans to improve it.
"By creating people-friendly streets, we can encourage many more Londoners to walk, cycle and use public transport, improving our health and air quality."
Matthew Bennett, cabinet member for planning, regeneration and jobs, agreed: "We are determined in Lambeth to make our streets safer, cleaner and easier for everyone to get around, particularly those who walk or cycle, so we’re pleased to be working with TfL on such a major project, investing to improve the area around Waterloo roundabout and along Waterloo Road."