The Mayor’s Budget for 2025-26

The Mayor’s Budget sets out the Mayor of London’s financial plan to deliver his priorities. 

The Budget funds the Greater London Authority (GLA), the London Assembly and the GLA Group. The GLA Group includes:  

• Mayor’s Office for Policing and Crime (oversees the work of the London Metropolitan police)
• Transport for London 
• London Fire Commissioner 
• London Legacy Development Corporation (leads on Queen Elizabeth Olympic Park) 
• Old Oak & Royal Park Development Corporation (leads on the regeneration of the Old Oak Opportunity area)

Council tax 

The Budget also determines how much Londoners will pay for the Mayor’s part of the council tax collected by local authorities. The Mayor’s part of the council tax (called a ‘precept’) helps pay for services provided by City Hall and the GLA Group. 

The Government has not yet announced the provisional police, fire and local government settlements for London. This means that the Mayor’s proposals on council tax will not be set out until January 2025.

We have prepared a consultation budget that sets out the proposals each organisation within the GLA Group has made to the Mayor.  

Before he takes any decisions, the Mayor is interested in your views on how he can continue to build a fairer, safer and greener London for everyone. 

Your feedback will be shared with the Mayor’s Office, London Assembly Members and City Hall’s Group Finance team and considered as part of the GLA Group Budget process. 

An analysis of the feedback will feed into the final draft Budget, due to be published on 17 February 2025. 

This final draft Budget will then be scrutinised by the London Assembly at a public meeting on 25 February 2025 where the Mayor will answer questions. 

The Mayor must prepare for each financial year a budget for the GLA Group (this is the GLA consolidated budget).  

Budgets are developed for each of the individual GLA Group constituent bodies by their own specialist policy and finance teams.   

The Group finance team lead the development of the Mayor’s annual consolidated revenue budget and capital spending plan for the GLA Group.