Joanne McCartney, chairwoman of the London Assembly Police and Crime Committee, said the report will "worry everyone concerned with safety and security in our capital city".
It is disturbing that the Met finds itself one of only three forces which the Chief Inspector judges to be at risk of failing to provide an efficient or effective service to the public in the future.
The conclusions of the HMIC report should impress on Mayor Boris Johnson and his Deputy Stephen Greenhalgh the need for a plan getting to grips with the budgetary challenges facing the Met.
They must show that they recognise, as HMIC does, the scale of the problem for policing in the capital as cuts bite.
More top news
Compared to other EU countries, Britain has taken a small number of refugees fleeing the civil war in Syria - should it be doing more?
Personal details of people who contacted WHSmith has been sent to thousands of magazine subscribers in a mass email following an IT glitch.
A jilted boyfriend has been found guilty of plotting to "horrifically disfigure" his ex-girlfriend by having her doused in acid.