Boris Johnson has been criticised for appointing a part-time adviser on an annual salary of £127,200 for 29.6 hours work per week.
The Mayor has appointed Gerard Lyons, former Chief Economist and Group Head of Global Research at Standard Chartered, as his new Chief Economic Adviser.
City Hall says Mr Lyons will provide Mayor Johnson with “strategic advice and intelligence on the economic outlook for London and the wider UK, as well as Europe, the emerging economies, and the United States” to help shape the Mayor’s policies.
He will also provide “strategic advice” to Kit Malthouse, Deputy Mayor for Business and Enterprise.
Announcing the appointment, Mayor Johnson said: “It is increasingly evident that if London’s businesses are to stay ahead of the game and compete in the global market, we need the best strategies and policies informed by the very best overarching economic advice. I believe that Gerard will bring that expertise to my excellent team at City Hall.”
Mr Lyons said: “It is a great honour to have been asked by the Mayor to advise him on economic issues and to help contribute to the continued success of London as it positions itself in the changing global economy”
However the appointment has been criticised by the London Assembly Labour Group.
Leader Len Duvall said the Mayor’s decision to pay Mr Lyon’s more than £127,000 for a part time role was “staggering” and “demonstrates how out of touch he is with the life of ordinary Londoners”.
Mr Duvall added: “At a time when the Mayor is hitting Londoners with another inflation-busting fare rise, with plans to do the same for another decade, it is astonishing that he can find £127,000 a year to fund yet another political appointment.
“Under Boris we have seen the number of political advisers on over £100,000 increase. With deep budget cuts to our emergency services it is totally inappropriate to spend this amount of money on one person.”
Green Party Assembly Member Jenny Jones has also criticised the appointment.
Ms Jones said: “The Mayor needs to spend less time rewarding his friends in the banks, and more time helping struggling small businesses. He already has several groups of economics and business advisors, there is no need to hire yet another part-time adviser on a six figure salary.”