George VI's carriage moves through London on day of Victory Parade

The transcript describes a grand event where Kensington Gardens is transformed, and Magisters drive towards Marble Arch. Despite the threat of rain, the journey continues through Oxford Street and Trafalgar Square, with crowds cheering. The event culminates in a royal procession and a grand victory march, showcasing mechanized and foot columns.

What does the text imply about the atmosphere along Oxford St.?

What significant event was inaugurated by the royal procession?