The Commission was a manifesto commitment by Johnson and will examine how London could keep a greater share of the future tax revenue it pays.
City Hall and Professor Travers have been keen to stress they are not seeking to take funds from other regions within the UK but are exploring ways London could retain funds from any increased tax receipts.
Travers will be joined by a panel of finance and local government specialists and the Commission will examine arrangements for other world cities as part of its investigation.
The London Assembly has nominated Assembly Member John Biggs to represent it on the Commission.
In his first term at City Hall Johnson lost an annual £400m of UK Government funding when the coalition slashed the London Development Agency’s budget.
Announcing the creation of the Commission, Mayor Johnson said: “Whether it’s Crossrail or Tube upgrades I have consistently had to make the case to Government to secure the vital investment that benefits not just London, but the wider UK economy as well.
“These negotiations have convinced me that there has to be a better way to fund this great city and the London Finance Commission will shine a spotlight on how it could be done.”
Professor Travers said the Commission “will provide a great opportunity to look at how the government of London can reasonably have more control over the taxes paid in the capital.
“It will also allow the capital to be compared with cities overseas. Many of these, such as New York and Berlin, have far greater financial freedom than London.
“The government and Opposition have both stated they favour more freedom for English cities. The Commission will analyse the case for London taking a significant step towards the kind of autonomy enjoyed by Scotland and Wales.”
The Commission is also backed by London Councils, the body which represents the capital’s 33 local authorities.
Chair Mayor Jules Pipe said: “The Commission provides a valuable forum in which to debate an improved funding model for local government in London – one that will allow cash-strapped local authorities to properly fund critical local public services.”
