Mayor’s budget supports London’s growth and council tax precept cut

The Mayor's annual budget was today approved by the London Assembly, confirming a further reduction in City Hall's share of household council tax bills putting money back in Londoners’ pockets, whilst ensuring on-going investment into vital services and infrastructure.

The 2015/2016 budget for the Greater London Authority Group - including Transport for London, the London Legacy Development Corporation, the Metropolitan Police service and the London Fire Brigade - will deliver continued investment in transport upgrades, housing and police officer numbers whilst protecting Londoners from tax increases.

Under the Mayor's plans, from April the GLA precept for a typical Band D property will fall from £299 to £295.Since being elected for his second term, three years of precept cuts mean a typical Band D property has seen a reduction of £11.72 and in setting out plans to deliver a 10 per cent cut by 2016/17 over the Mayor's second term, a typical band D property will by this time, fall to £276.

The Mayor's commitment to bear down on costs comes at a time of continued pressure on public budgets, however his spending plan protects key services with investment continuing into transport infrastructure, housing supply for Londoners and policing.

The Mayor of London, Boris Johnson, said: 'This budget delivers vital and on-going investment into services and infrastructure that support London's prosperity and growth. At the same time, we are bearing down on unnecessary costs in order to trim City Hall's share of council tax for the fourth year, leading to an overall ten per cent cut over my second term of office.'

The budget includes:

• Freezing average fares in real terms in 2015 whilst continuing vital Tube upgrades and transport improvements such as the delivery next year of the 24 hour Tube & reducing Tube delays by 30 per cent by 2015 compared to 2011; a £913m Cycle Vision is well underway; in 2015, the start of works for the Northern Line Extension to Nine Elms and Battersea;

• Continuing investment into housing supply and on track to deliver 100,000 new homes over the Mayor's two terms;

• Funding to support the delivery of police officer numbers at or around 32,000 - the Mayor also confirmed the delivery of a 50 per cent discount on his element of council tax for London-based special constables;

• Maintain existing targets for how quickly fire engines attend incidents;

• Supporting young Londoners through the delivery of apprenticeships;

• Promoting an Olympic and Paralympic legacy, including starting the delivery of Olympicopolis - a new international arts, science and education quarter on Queen Elizabeth Olympic Park. The Mayor confirmed at least £5m of GLA grant funding is available for infill development consisting of self-build and affordable homes on disused sites on public land. Bids from a wide range of providers will be considered and the GLA is ready to receive these immediately.

The Mayor also confirmed an extension of his High Street Fund to provide £1m to support five street markets to thrive in outer boroughs.

The Mayor is already investing over £175 million into over 70 high streets across London.