London's need for control

London's Canary Wharf financial district
London's Canary Wharf financial district Credit: Reuters

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".

Advertisement

Financial freedom for London

London Mayor Boris Johnson has backed a report calling for the capital to be given greater financial freedom in order to fund major infrastructure projects.