The party is expected to build on the celebrations on New Year's Eve 1999, which drew three million people to central London.

Into 2000: Revellers party near the London Eye

The company is now looking for corporate sponsors to add to the money from the Millennium Commission.

Geldof said: "It is a great opportunity to put the party into New Year's Eve. Everybody should be able to celebrate and everybody will be invited."

Mr Livingstone, who formally takes up his powers as London's first elected mayor on 3 July, said: "The more sponsorship we get, the bigger and better the party. I for one will be looking forward to a great event to celebrate New Year's Eve 2000."

London saw in the year 2000 in spectacular style - when Big Ben chimed midnight, the River Thames was lit up by thousands of tonnes of fireworks.

The £1m display began with the simultaneous launch of 2,000 rockets, though the much-hyped "River of Fire" pyrotechnic effect failed to appear.

At least 15% of the 150 tons of rubbish left behind by revellers during the evening comprised champagne bottles.