Pre-budget report 2008

Mayor Boris Johnson’s quest for value for money must achieve a balance between spending less and still providing the services and facilities the capital needs, according to our report. The Mayor needs to make clear how much will be spent, what will be achieved, what projects will no longer be funded, and how he will deal with the impact of inflation on the budget and additional major projects - like Crossrail - that need funding.

The report says the Mayor’s freeze on the precept adds to the already considerable financial pressure on the GLA and functional bodies – Metropolitan Police Authority, Transport for London, London Development Agency. A number of recommendations are made to the Mayor:

• Full costings of each new proposal announced by the Mayor– such as planting street trees and extending transport policing – and details of how they will be funded must be provided.
• The Mayor must give a clear definition of value for money and set out how this will be achieved.
• The consultation draft budget should include clear business planning objectives as well as revised information on income projections, borrowing plans and use of reserves.

Pre-budget report 2008 PDF

Pre-budget report 2008 RTF

The Mayor’s response to the Committee's report is published below: Mayor’s Response to the Pre-Budget Report recommendations PDF

Mayor’s Response to the Pre-Budget Report recommendations RTF