Yesterday Livingstone launched his last big push and unveiled this poster. Typical Ken. £39 billion? Over what timescale? The context of this £39 billion is that London remits £17.8 billion net to the Treasury EVERY year. Livingstone’s big problem is that he has failed to get London’s fair share out of the Treasury. He makes out that it is such a big deal that he has succeeded in getting an additional £4 billion out of the Chancellor for social housing in London but fails to acknowledge what a poor performance this really is.
As I have blogged before the Mayor really screwed up the Crossrail negotiation. London will only receive a £5.1 billion government grant for Crossrail. London will itself have to pay the rest of the £16 billion with unlimited liability for overruns. As the Standard reported last week London’s Tube and bus fares will rise above inflation to pay for some of this bill. Livingstone is a terrible negotiator. He was so keen to add Crossrail to his train set he drove a really bad bargain.
It is the Mayor who is the joke.