A Bank Holiday burst of sunshine should draw more than a million people to the Notting Hill Carnival this weekend.

Forecasters from the Met Office predict a temporary reprieve from the wet August weather.

A spokeswoman said they were expecting about 1.5 million people - 750,000 each day - to enjoy the lavish costumes, floats, food and music.

Allyson Williams, chairman of London Notting Hill Carnival Ltd, said: "No other event in the UK comes close to matching the artistic spectacle of the carnival.

"It's a vital cultural event for London, enjoyed by visitors of many different ethnic, age and socioeconomic backgrounds."

The theme for this year's street party is Welcoming The World - chosen to reflect the multicultural nature of visitors and to integrate the carnival's ideals with those of the 2012 Olympics.

Carnival organisers have been working with the team behind events to mark the Olympic handover from Beijing to London.

A 25 square metre screen will be installed in Emslie Horniman's Pleasance, near Ladbroke Grove, to complement the one already in Trafalgar Square. Both screens will broadcast events in Beijing and London, including the handover of the Olympic flag on Sunday.

This year's carnival highlights include the traditional parade of floats, masquerade bands, calypso music, static and mobile sound systems.

It will kick off with the 30th National Panorama Championship on Saturday night where steel bands will come together to battle it out.

This will mark the official opening of the weekend's partying. Sunday is children's day and Monday is adult's day.

Michael Williams, marketing director of London Notting Hill Carnival Ltd, said the credit crunch had affected the size of some displays, which have suffered a lack of sponsorship. But he promised it would still be a fantastic spectacle.

"I have heard anecdotal evidence that bands are cutting back and not showing as many costumes as they had planned," he said. "But it will still be a wonderful event."

Mayor Boris Johnson, who will be in Beijing over the weekend, said the carnival would highlight the capital before

2012. "It illustrates the energy and colour of our great city and this year's event, coinciding with the official handover ceremony at the Olympic Games in Beijing, will be even more special," he said.

"On Sunday the world will be watching London as it accepts the flag and the challenge to stage the best Games ever in 2012. This will be a fantastic day out as well as a historic moment."

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