Sir Peter Soulsby explains how the square, if given the go-ahead, will connect the different parts of the city.
People in Leicester are being asked for their thoughts on the design proposals.
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The incident happened on the A1133 at Laugherton on Friday evening.
Ministers are also looking at schemes such as “lock-in agreements” to reduce the 250,000 sales that fall through annually.
West Mercia Police are growing increasingly concerned for the welfare of Andrew Thompson, who went missing this week.