Plans to replace Tower Bridge’s 25-year-old lights with new energy saving ones have been given the go-ahead.

A 40 per cent reduction in power consumption will be achieved once the new LED and cabling system is installed in time for next year’s Olympics and the lights will be able to vary in colour and intensity.

The Greater London Authority said a funding agreement between the City of London, which owns the bridge, EDF Energy and General Electric means the update comes as no extra cost to taxpayers. The deal required planning permission from Southwark and Tower Hamlets councils.