The cash replaces the £480m a year budget for the London Development Agency which was slashed by ministers as part of last year’s spending review. That decision threatened a number of projects and also forced the merging of London’s three promotional agencies.
The new London & Partners agency has a “minimum” budget of £14m per year, scarcely more than the current £12m annual grant for Visit London, one of the three agencies to be merged.
Appearing before the London Assembly on Wednesday morning, the Mayor’s Chief of Staff Sir Simon Milton confirmed the new funding agreement which he said would allow the LDA “to expand investment to further support London’s economy.”
AUDIO: Sir Simon Milton announces the new funding settlement
Responding to news of the funding agreement MIke Tuffrey, Liberal Democrat London Assembly budget spokesman, said: “There is a now a real opportunity for a joined-up approach to regeneration, housing and planning in London which the Mayor must seize.
“If he rises to the challenge, it can deliver real improvements in the quality of life across the capital and new economic opportunities for disadvantaged Londoners.”
