London Finance Commission report is a welcome step in giving Londoners greater control over their city – Stephen Knight

May 15, 2013 6:19 PM

Stephen Knight, Liberal Democrat London Assembly budget spokesperson, commenting on the London Finance Commission report published today:

"I welcome this report as it sets out a number of practical proposals for moving away from the current centralised system where the Exchequer redistribute nearly all of the taxation paid in London.

"Most capital cities around the world have far greater financial autonomy than London. It is long overdue that Londoners were given greater control over their city."

"However, instead of just waiting for a new settlement between the Exchequer and London I hope the Mayor starts to make proper use of existing powers he already has. For a start he should make greater use of his existing prudential borrowing powers to fund a significant increase in affordable house building across the capital."

ENDS