In honour of the Queen’s Diamond Jubilee, West End retailers lined Oxford Street with 147 flags, giving a tip of the hat to the number of years since the street became a shopping avenue.

‘We love Oxford Street,’ Guinness told us yesterday. ‘It’s the centre of London; it’s what makes London glamorous!’

The British fashion industry contributes more than £21bn to the UK economy each year. Oxford Street, one of the country’s main shopping hubs, draws more than 100m visitors and £4.9bn in spending each year, said the New West End Company.

‘As the UK gears up for the London 2012 Olympic and Paralympic Games and The Queen's Diamond Jubilee, there's no better time to celebrate the best that Britain has to offer,’ Prime Minister David Cameron said. ‘[W]ith world - renowned fashion designers, fantastic shopping and distinctive style our fashion industry exemplifies British creativity, passion and entrepreneurship.’