Yes, you are absolutely right. London generates an enormous amount of wealth - according to the London Chamber of Commerce about £13 - £20 billion - which is then taken by the Government and used to subsidise the rest of the country, if not Scotland. We can certainly do with more money. As far as Crossrail is concerned, the Mayor has said that is probably the most important project, even more important than the Olympics. Nevertheless, the Government still found themselves with a shortfall of over £300 million and turned to the City to stump up yet more money in taxes in order to pay it.
Now your budget is, what, £420 million, which you draw down from the Government. In fact you managed to draw down more last year. If we used your budget on certain other projects, we could have better flood defences for London, we could have a trolley-bus network along the Uxbridge Road, we could have an interceptor tunnel to stop sewage going into the Thames; we could have a number of different projects. You justified your budget by saying that you try to maximise the economic benefits. I wonder whether really we would get better value if we actually spent that money on some of these other projects that I have mentioned.