LDA Board 1

Meeting: 
MQT on 2009-11-18
Session date: 
November 18, 2009
Reference: 
2009/3441
Question By: 
Len Duvall OBE
Organisation: 
Labour Group
Asked Of: 
The Mayor

Question

In Written Answer 2901 / 2009, you failed to answer the following question, stating that I had 'misinterpreted' the debate:

'Are you worried by the heated debate at the 16 September meeting of the LDA Board, in which your latest appointment, Anthony Browne, described the work 'GLA Economics' in producing the LDA's 2010-2014 Investment and Financial Strategy as 'completely and utterly flawed'? He went on to say that the strategy 'massively understates business support and international promotion; massively overstates climate change and that no reliance should be placed on it at all'. Do you concur with this view?'

Please answer my question directly, with specific reference to Mr Browne's above quotes.

Answer

Answer for LDA Board 1

Answer for LDA Board 1

Answered By: 
The Mayor

Your question is based on mistaken assumptions. GLA Economics produced the methodology, not the Investment and Financial Strategy, which is pulled together by LDA officials.

The methodology is at an early stage of development, and it is not a perfect science. As such there are limitations on the extent it can be used to guide major investment decisions, and those deciding the investment strategy should be aware of those limitations. It is quite right that Anthony drew the board's attention to the shortcomings of the methodology in the board meeting. GLA Economics have noted the limitations and are now refining the methodology.