The Museum of London’s budget for its new home at West Smithfield has risen to £337m, it has emerged – as Stanton Williams, Asif Khan and Julian Harrap’s proposals for the project were lodged for planning.

Museum bosses revealed the £5m cost hike from last summer’s £332m figure as they announced the development milestone today. They noted that the City of London Corporation had recently agreed to up its contribution to the project to £197m.

A statement from the City corporation said the funding increase would allow for “extra resource” that revisions to the plans required and would “also cover the expected additional cost due to construction inflation”. It committed the cash after a consultation on the proposals launched last summer (see image gallery below).

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