It is Europe's tallest cantilevered observation wheel,[14] and the most popular paid tourist attraction in the United Kingdom with over three million visitors annually.

Supported by an A-frame on one side only, unlike these taller examples, the Eye is described by its operators as "the world's tallest cantilevered observation wheel".

[16] The Eye offered the highest public viewing point in London until it was superseded by the 245-metre-high (804 ft) observation deck on the 72nd floor of The Shard in early 2013.

[23] Nathaniel Lichfield and Partners assisted The Tussauds Group in obtaining planning and listed building consent to alter the wall on the South Bank of the Thames.

The project was European with major components coming from six countries: the steel was supplied from the UK and fabricated in The Netherlands by the Dutch company Hollandia, the cables came from Italy, the bearings came from Germany (FAG/Schaeffler Group), the spindle and hub were cast in the Czech Republic, the capsules were made by Poma in France (and the glass for these came from Italy), and the electrical components from the UK.

The experiences included a pub in a capsule, a west end theatre pod and a garden party with flower arrangements to represent the eight London Royal parks.

[51][52] In March 2020, the wheel was illuminated blue every Thursday at 8pm in support of the National Health Service as part of the ‘Clap for our Carers’ campaign created during the COVID-19 pandemic.

[53] On 20 May 2005, there were reports of a leaked letter showing that the South Bank Centre (SBC)—owners of part of the land on which the struts of the Eye are located—had served a notice to quit on the attraction along with a demand for an increase in rent from £64,000 per year to £2.5 million, which the operators rejected as unaffordable.

[citation needed] The South Bank Centre and the British Airways London Eye agreed on a 25-year lease on 8 February 2006 after a judicial review over the rent dispute.

The lease agreement meant that the South Bank Centre, a publicly funded charity, would receive at least £500,000 a year from the attraction, the status of which is secured for the foreseeable future.

[29][56] Tussauds also announced the acquisition of the entire one-third interests of British Airways and Marks Barfield in the Eye as well as the outstanding debt to BA.

These agreements gave Tussauds 100% ownership and resolved the debt from the Eye's construction loan from British Airways, which stood at more than £150 million by mid-2005 and had been charging an interest rate of 25% per annum.