Mayor rewarded for prudent financial planning

15 DECEMBER 2010

Londoners have been awarded a £23 million windfall due to prudent financial management that has enabled the Mayor to freeze the precept for the third year running.

Extra funds have been granted to the capital in recognition of the sensible savings carried out over the last two years. Cutting back on expenditure at City Hall has allowed the Mayor to end the relentless rise in council tax precept for eight years and to freeze his share of the council tax over the last two years.

Boris Johnson will now confirm to the assembly at today’s (15 December) Mayor’s Question Time meeting that he can freeze it for an unprecedented third time.

Boris Johnson, the Mayor of London said:

‘With the new coalition government’s drive to reduce the country’s budget deficit and everyone feeling the squeeze, It is essential that as the guardian of this great city, I do all I can to protect the families and people of London from too heavy a tax burden.

‘ I am committed to delivering more bang for a buck whilst still maintaining frontline services, delivering vital transport improvements and providing opportunities for young Londoners.‘

The Mayor’s draft consultation budget will be published by the end of the year and will outline the Mayor’s priorities and commitments for the coming year.  Since 2008, the Mayor has delivered over £2 billion efficiency savings across the GLA Group, whilst making London a safer city and helping the capital to steer the UK out of recession.

 

ENDS

 

Notes to editors

 

  • The Mayor has frozen the GLA precept for two consecutive years. The government has rewarded the GLA  with a £23.3 million incentive for freezing the council tax for a further year.
  • The GLA precept went up by 153 per cent between 2000-2008
  • The total GLA Precept for 2011/12 will be £309.82 a year (Band D household),
  • The Mayor’s budget consists of five individual budgets- Metropolitan Police Authority, Transport for London, London Fire and Emergency Planning Authority, London Development Agency and core Greater London Authority.  For 2010/11, the total revenue budget expenditure was £13.7 billion

 

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