‘The Guardian reports that Boris Johnson is to call for the capital to be given powers to raise property and new tourism taxes as well as the power to borrow money to build houses and improve the city’s infrastructure.
The proposals, due to be unveiled next Wednesday, have been drawn up by the London Finance Commission and were leaked to the Guardian.
The commission’s report sets out how substantial revenue-raising powers, including over property and business rates, should be devolved to London. Revenue streams worth more than £12bn in 2013-14 would be handed to London’s control with a corresponding pound-for-pound reduction in the Treasury’s grant to London.’
The Guardian