In the announcement, it was stated that plans will go forth to renovate the current home of the London Symphony Orchestra, the Barbican Centre.
In addition, a commitment was made to developing the Culture Mile — an area dedicated to furthering creativity and innovation in the arts.
“Support for culture and the arts has never been more important, and we recognize that this sector will play a vital role in the post-Covid recovery of the City, the capital, and the UK," said City of London Corporation Policy Chair, Catherine McGuinness.
"The Barbican is the jewel in the city’s cultural crown and as it looks to celebrate its 40th birthday next year, it is the right time to explore how best to safeguard its heritage and its unrivaled position on the international arts and culture scene."
Plans for the new hall, the £288 million "London Centre for Music," will be presented in coming months.