The Mayor's budget
The Mayor's budget is published every March for the upcoming financial year. It sets out how the Mayor will spend money on London's priorities.
About the Mayor's budget
Every financial year, the Mayor of London sets his budget for London's public services, like transport, policing, and fire and rescue. He also sets the amount of council tax used to fund these services, called the precept. Before he makes any decisions on the budget, it's reviewed by the London Assembly and Londoners.
The Mayor's budget helps him make sure that there is a sound financial plan to deliver his priorities for London.
The budget funds the Greater London Authority (GLA), including the London Assembly, and its five functional bodies:
- London Fire Commissioner
- London Legacy Development Corporation
- Mayor's Office for Policing and Crime
- Old Oak and Park Royal Development Corporation
- Transport for London
Together, they are known as the GLA Group.
Each functional body submits how they will spend their part of the budget. These submissions are then put together to make the consolidated budget for London.
The Mayor’s budget must go through a several stages before it can be finalised. For the most part, the GLA Act sets out this process.
In short, the stages to set the budget are as follows:
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Summer: The Mayor publishes non-statutory guidance to help the GLA Group to prepare their budgets for the financial year ahead.
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Autumn: Each functional body prepares and submits their plans for how they will spend their part of the budget based on the requirements set out in the Mayor’s budget guidance. These submissions are then put together to make the consolidated budget for London.
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December: The Mayor publishes a draft capital spending plan and a consultation budget. The London Assembly and the public can have their say on this consultation budget.
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January: After the consultation closes, the Mayor publishes a draft consolidated budget (which includes the capital spending plan) and proposes a council tax requirement. The London Assembly can propose changes to it if a majority of its members vote in favour of a specific change. If an amendment is passed, the Mayor is required to provide a response to the London Assembly explaining whether or not this change is accepted.
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February: The Mayor shares his final draft consolidated budget (which includes the capital spending plan) and proposes a council tax requirement. The London Assembly can make changes to it if a two-thirds majority of its members voting approve a budget amendment. If no changes are passed, the Mayor’s final consolidated draft budget, capital spending plan and council tax requirement are deemed to be approved.
- March: Once approved, the Mayor publishes his capital spending plan and the final budget for the financial year ahead.
The budget also sets the level of GLA 'precept'.
The precept is how much of your council tax is collected by the London Boroughs and the City of London to help fund City Hall and the GLA Group's public services. This includes the Metropolitan Police, London Fire Brigade, and Transport for London.
The GLA precept is lower if you live in the City of London Corporation area. This is because the City of London has its own police force so its taxpayers do not pay for the cost of the Metropolitan Police.
The Mayor's budget for 2026–27
The Mayor's final consolidated budget for 2026–27 will be published in March 2026.
The Mayor published his consultation budget and containing the draft capital spending plan for consultation on Wednesday 3 December 2025. This consultation will close on Sunday 4 January 2026.
The Mayor published his budget guidance for 2026–27 on 9 July 2025.
Londoners are invited to have their say on their priorities for the year ahead on City Hall’s online community, Talk London.
Help inform City Hall’s plans for the year ahead
What do you think are the most important priorities for London this coming year? Your views will inform the Mayor’s Budget and help us create a fairer, safer, and greener London.
The Mayor's budget for 2025–26
The Mayor published his final budget in March 2025.
The London Assembly approved the Mayor’s final draft consolidated budget without amendment on 25 February 2025.
The budget set the Mayor's 2025–26 portion of the council tax (the precept) for a Band D property in the 32 London boroughs at £490.38. This is a 4 per cent increase compared to 2024–25. The precept in the City of London was set at £171.25. The Mayor's final council tax precept was approved in Mayoral Decision 3346.
The Mayor published his capital spending plan for the GLA Group on 27 February 2025.
The Mayor's capital spending plan was approved in Mayoral Decision 3345.
Final draft consolidated budget
The Mayor's final draft consolidated budget for 2025–26 was published on Monday 17 February 2025.
- Download the report of the Mayor 2025–26 (PDF, 233 KB)
- Download the final draft consolidated budget 2025–26 (PDF, 1.2 MB)
- Download Appendix I: Climate budget measures (XLSX, 113 KB)
The final draft consolidated budget was considered by the London Assembly at the Mayor's Question Time meeting on Tuesday 25 February 2025.
Draft consolidated budget
The Mayor's draft consolidated budget for 2025–26 was published on Wednesday 15 January 2025.
- Download the report of the Mayor 2025–26 (PDF, 238 KB)
- Download the draft consolidated budget 2025–26 (PDF, 1.1 MB)
- Download Appendix I: Climate budget measures (XLSX, 113 KB)
The draft consolidated budget for 2025–26 was considered by the London Assembly at its plenary meeting on Thursday 23 January 2025.
Consultation budget and draft capital spending plan
The Mayor published his consultation budget and capital spending plan for 2025–26 on Wednesday 4 December 2024. The consultation closed on Friday 3 January 2025.
- Download the consultation budget 2025–26 (PDF, 1.1 MB)
- Download Appendix I: Climate budget measures (XLSX, 117 KB)
Londoners were invited to have their say on this year's spending plans on City Hall’s online community Talk London.
The Mayor published his budget guidance for 2025–26 on 31 July 2024.
Previous budgets
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