The Southbank Centre has unveiled plans to transform the complex around the Queen Elizabeth Hall, the Purcell Room and the Hayward Gallery.
The proposals include the refurbishment of the existing 1960s buildings and the creation of a new glass pavilion and a central foyer.
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City Hall’s share of council tax - known as the precept - will rise by 5.1%, adding £14.20 a year to the average household bill.