Under the proposals London would be given complete control over property taxes, including council tax, stamp duty and business rates. The London Finance Commission report also recommended giving the city the power to introduce new taxes, such as a levy on tourists, and greater freedom to borrow.
Mr Johnson said there was an "acute need for London to be able to better plan and finance the infrastructure needed to prosper and maintain a great quality of life, in the face of a decade of expansion".
More top news
The OktoberFest beer festival, due to take place this weekend, has been cancelled at the last minute.
Drivers and rail passengers are being told to expect delays after a lorry became wedged underneath a bridge in Bromley.
Your pictures of foxes in surprising places around the city, and some surprising facts about foxes.