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Ex-Mayor Livingstone

Mayor’s £437 million of hidden spending

I am listening to the final budget debate and waiting for someone to ask the most obvious question. How can we sustain the drawing down of reserves at the rate of £436.9 million per annum?

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The GLA bodies are expected to draw down reserves next year as follows:

Mayor's slush fund

To give some context this sum is about the same as the LFEPA and LDA budgets and three times the GLA budget.

Elizabeth Howlett, as a member of the MPA, did ask whether it was prudent to draw down their reserves to the tune of £4.0 million but in all the hurly burly of talking about bussing young people around the Mayor has managed to avoid talking about this massive hole.