ICE London has welcomed major new proposals for London devolution in a report by the London Finance Commission on 27 January.
The report sets out a number of taxes that could be devolved to City Hall to improve decision making in London. These include the devolution of business rates, council tax and stamp duty.
The Commission, a group of cross-party political and business leaders led by Professor Tony Travers from the London School of Economics, also proposed a number of measures that could change the way infrastructure is funded in the Capital.
These include the capture of land value uplift which would ensure London would be able to afford infrastructure projects like Crossrail 2 through the rise of property prices in the areas surrounding the new stations.
The report also called for London to work with the wider South East when making bids for infrastructure investment from central Government.
ICE London Director Suzanne Moroney went on LondonLive to discuss the report. Commenting on the findings, she said:
"We welcome the findings of the London Finance Commission as a positive step towards London taking greater control of its own destiny. As a city with a population of more than 8 million, London needs to examine how it can fund its own infrastructure improvements and how it will develop.
"The London Infrastructure Plan 2050 calculated that £1.3 trillion in infrastructure investment would be required in the capital over the next half century. City Hall will not be able to meet this bill on its own, so raising funds through land value capture, private investment and a range of innovative financial instruments will be vital to ensuring London's successful growth."
"We also support the recommendation that London works with the wider South East to develop infrastructure funding proposals. Infrastructure issues take little notice of political boundaries, so it is important that all regional policy makers are able to speak as one to central Government. With the establishment of the National Infrastructure Commission (NIC) last year, there has never been a better time for our capital to make the case for major infrastructure projects like Crossrail 2."