Could devolution let London keep its property taxes?

22 June 2015

This meeting took place on 22 June 2015. Read the transcript here.

London government only controls 7 per cent of the money it raises – compared to more than 50 per cent in New York.

Devolution could make a real difference – as an example, full retention of the business rate could yield up to £6 billion per annum, which London would use to invest in much needed transport infrastructure and more affordable housing.

At the same time, London’s NHS and social care services face the double whammy of increased demand for services from an ageing population alongside shrinking budgets.

Could following the model of devolution proposed for Greater Manchester – with much closer integration between councils and the NHS on health and social care – be the answer?

If so, how would it work? And what specific powers and funding should central government provide?

The Devolution Working Group will today hear from the following guests on the possible outcomes of financial devolution to London:

Professor Tony Travers, Director London School of Economics (LSE) and Chair of the London Finance Commission and

Andrew Eyres, Chief Officer, NHS Lambeth Clinical Commissioning Group.

The meeting will take place this afternoon, Monday 22 June from 4pm in Committee Room 3, City Hall (The Queen’s Walk, London SE1).

Media and members of the public are invited to attend. The meeting can also be viewed via webcast.

 

Notes for Editors:

The agenda and committee papers are available here.

Darren Johnson AM, Chair of the Devolution Working Group is available for interview. See contact details below.

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 Ash Singleton on 020 7983 5769. For out of hours media enquiries, call 020 7983 4000 and ask for the London Assembly duty press officer. Non-media enquiries should be directed to the Public Liaison Unit on 020 7983 4100.