Jules Pipe, the chair of the London Councils, has warned that the Government cannot keep cutting the local government funding to the capital. He says London will need more money to build new primary schools and increase housing.
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The London property market is expected to be the hardest hit as buyers sit it out to see how the economy will be affected.
The former London mayor paid tribute to David Cameron just hours after the Prime Minister announced his resignation.
The pound crashed to its lowest level in 30 years as Britain voted to leave the EU.