We have a shameless obsession with old photos of greater Kennington here at the Runoff and here is a little mid week fix for you, the first of a series over the next month. My predecessor Jamie put up quite a few last year and they are delightful.
This picture is of a very different Vauxhall Cross circa 1958. The shot is looking east up Albert Embankment, and might have been taken on the top floor of the building were Starbucks now resides. The buildings on the left are now occupied by the bus shelter, and were the billboards are is now an expanded approach to Albert Embankment. So changes to the flow of traffic is not a new occurrence in Vauxhall! 
I think you’ve got the location precisely right. Surprisingly busy even then, and it seems that running red traffic lights is nothing new – the light nearest the camera is clearly on green, yet the two Ford saloons beyond (a Prefect and a Consul) are ploughing on regardless!