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@Oliver Schick
Well, some of this is true, some of it is exaggerated regeneration-speak. Wherever people want to leverage money for 'regeneration', you'll first have them talking down what's there.
The point about the linkage between Oxford Street and High Holborn is completely true; that one-way system needs to go, there needs to be less motor traffic, the empty buildings are a real problem, etc. But calling it 'Midtown' is simply idiocy, or indeed even why a new name is required at all. 'Bloomsbury', 'Holborn' and 'St Giles' seem perfectly fine to me. I still don't think many people refer to the Old Street area as 'St Luke's', which is the name that estate agencies wanted to give to the area.
Anyway, some promising key words in there, so let's see.