Antonia Jennings, CEO of Centre for London states the Growth Plan’s success is dependent on London receiving a new financial settlement:

“To be able to effectively implement the growth plan, London government needs greater power over its own finances. This will enable the capital to make tangible steps towards equitable economic growth.”

“The ambition within the London Growth Plan is clear – the Mayor of London wants to set up the capital to be a sustainable, inclusive, world-leading, global city.

But, to be able to compete with the likes of Paris, New York, Tokyo and Hong Kong, we need greater fiscal devolution.”

“The London Mayoralty, combined with the Greater London Authority, is primarily a strategic body, creating economic and spatial plans including this new Growth Plan. As London’s government has evolved over its 25-year tenure, the Mayor has been provided with increasing levels of delegated responsibility without the devolved revenue raising power – and therefore the cash – to match.”

“New York currently retains 50% of the tax revenues raised within the city. In London, we keep a mere 7%. The New York Mayor can therefore invest in the city, decide where money is best spent and make decisions to ensure growth benefits local businesses and city residents alike. Not all decisions for local economies are best made in Whitehall – London’s government must be given the fiscal tools to do the same.”

“For national government to reach its own economic goals, London needs to succeed. To effectively enact ideas in the growth plan and allow London’s government to truly accelerate equitable growth, we need a new era of fiscal devolution to the capital.”