GLA debt

Is London’s government getting into too much debt?

11 July 2017

New borrowings by the Greater London Authority (GLA) Group will reach nearly 1 billion in 2017-18. It will have borrowed over £4 billion more by 2020-21

An unmanageable debt burden could leave the public sector without enough money to pay for vital services - is this a danger for the GLA?

Tomorrow, the Budget Monitoring Sub-Committee [1] will discuss the borrowing strategy of the GLA Group, including those of Transport for London and the London Fire Brigade.

The Committee will put questions to representatives of the GLA, Transport for London and London Fire Brigade.

The following guests will answer questions:

  • Luke Webster, Group Treasury & Chief Investment Officer, GLA
  • Emanuela Cernoia-Russo, Assistant Treasurer, Transport for London
  • Simon Kilonback, Director of Group Treasury, Transport for London
  • Sue Budden, Director of Finance & Contractual Services, London Fire Brigade
  • Martin Wheatcroft, Fiscal Accountant, Pendan

The meeting will take place on Wednesday, 12 July from 2.00pm in Committee Room 4 at City Hall (The Queen’s Walk, London SE1).

Media and members of the public are invited to attend

Social Media

The meeting can also be viewed LIVE via webcast or  YouTube

Follow us on Twitter and take part in the meeting discussion using #AssemblyBudget and #GLA-Debt

Notes to editors

  1. The key responsibility of the Budget and Performance Sub-Committee is its annual scrutiny of the Mayor’s budget proposals for the next financial year. This involves detailed examination of the Mayor’s plans for spending his budget to help ensure taxpayers’ money is used appropriately and effectively.
  2. Response to the Mayor's draft consultation budget 2017/18
  3. The Mayor of London's Capital Spending Plan, 2017-18
  4. Gareth Bacon AM, Chairman of the Budget & Performance Committee is available for interview.  See contact details below.
  5. As well as investigating issues that matter to Londoners, the London Assembly acts as a check and a balance on the Mayor.

 

For media enquiries, please contact Sonia Labboun on 020 7983 5769.  For out of hours media enquiries, call 020 7983 4000 and ask for the London Assembly duty press officerNon-media enquiries should be directed to the Public Liaison Unit on 020 7983 4100.