Structurally, the rim of the Eye is supported by tie rod s and resembles a huge spoked bicycle wheel, and was depicted as such in a poster advertising a charity cycle race. The wheel is not the first in London; a much smaller ferris wheel used to stand opposite Earls Court station during the later part of the 19th century.

The wheel was constructed in sections which were floated up the Thames on barges and assembled lying flat on pontoon s. Once the wheel was complete it was raised into its upright position by cranes, initially being lifted at a rate of about 2 degrees per hour until it reached 65 degrees. It was left in that position for a week while engineers prepared for the second phase of the lift. The total weight of steel in the Eye is 1,700 tonnes.

The Eye was opened by British Prime Minister Tony Blair on 31 December 1999 , although it was not opened to the public until March 2000 because of technical problems. Since its opening, the Eye, operated by Tussauds Group but sponsored by British Airways , has become a major landmark and tourist attraction. Recently, The London Eye was voted the world's best tourist attraction in a poll commissioned by the snack company Pringles .

The Eye enjoyed a warmer reception from the British public upon its opening than London's other significant Millennium project, the Dome , although the delay in opening had caused some press scepticism. By July 2002 around 8.5 million people had "flown" the Eye. It originally had planning permission only for five years, but at that time Lambeth Council agreed to plans to make the attraction permanent.

Although the Eye is listed in the Guinness Book of Records as the tallest observation wheel in the world, it is unlikely to keep that title for long. Plans have been announced to build a 170 m wheel on the Las Vegas Strip , a 185 m wheel dubbed "Giant Wheel" planned to open in 2008 in Berlin and a 200 m wheel in Shanghai . (By comparison, the original Ferris wheel at the 1893 World's Columbian Exposition was 75 m high).

Since 1 January 2005 , the Eye has been the focal point of London's New Year celebrations, with grand, 10-minute fireworks displays taking place, involving the fireworks blasting from the eye itself.

As of 2006, Tussauds owns 100% of the Eye, with British Airways continuing its brand association with the landmark. Tussauds, British Airways and the Marks Barfield family (the lead architects) had previously owned one-third of the Eye each, with the airline also providing the original construction loans.

It was announced in 2006 that the Tussaud's Group £85 Annual Pass could also be used on the London Eye.

Panorama of London as seen from atop the London Eye

Financial controversy