Mayor Boris Johnson launched the London Finance Commission in June to find ways to keep more of London’s tax in the capital.
Yesterday it heard evidence from ex-Mayor Ken Livingstone, who called for the existing 32 boroughs to be replaced with five “wedge-shaped” local areas and attacked the need to spend years lobbying before starting major projects.
Sir Michael Lyons, ex-chairman of the BBC, told the panel that businesses were willing to accept additional rates for projects with clear benefits, such as Crossrail.
Johnson commented: “Investment in London benefits the wider UK economy, helping to drive jobs and growth throughout the country. London’s taxpayers pour billions into the nation’s coffers and cannot simply be a cash cow for the country without a greater say in how this cash is used.”