Street artist Banksy has confirmed that he is behind the large statue that appeared in central London's Waterloo Square on Wednesday. A video he posted shows workers installing the sculpture at night.

The statue depicts a man in a suit descending from a pedestal, his face covered by a flag. The statue's base is signed "Banksy".

According to media reports, the statue has been attracting a large number of passers-by and tourists since it appeared early on Wednesday morning. The sculpture is located next to monuments to British historical figures, including King Edward VII and Captain Robert Falcon Scott.

In a video posted by Banksy, an elderly man approaches the statue and says he does not like it.

Meanwhile, many social media users have praised the work. One commentator called it a compelling statement about collective blindness, while another said the flag doesn't carry any identity, but it remains recognizable.

By mid-day on Thursday, London authorities had erected a fence around the monument, CNN reported.

And Westminster City Council told the BBC that it was pleased with the appearance of Banksy's new work and that the statue would remain open to the public, despite the protective measures taken.