21 March 2012

This Budget backs London

By Boris Johnson

Today the Chancellor of the Exchequer presented his Budget to the House of Commons.

This is a Budget for jobs, growth and investment. It will make London more competitive and more attractive to business.

I am glad the Chancellor has recognised our competent and cost effective government at City Hall and that Ken Livingstone's era of waste and mismanagement is over.

This Budget will deliver vital cash for London rail and will allow us to add more carriages to suburban rail, build more river crossings, accelerate broadband and deliver a range of other noticeable improvements in people's lives.

It will help us to attract new business to east London through the Royal Docks enterprise zone - the largest enterprise zone in the UK.

And we now have new funds to help young people into work and to build on our programme to deliver 200,000 jobs over the next four years.

I am glad that a great number of Londoners will be taken out of tax altogether, and more money will be put in the pockets of families and pensioners to help ease the pressure on their family budget.

These are tough times, but there are signs of progress. And my determination to end the waste and mismanagement of the previous Mayor has freed up the money to support my 9 point plan to secure Greater London's future.

In his Budget speech Chancellor George Osborne backs London:

"In all this we are working with local areas to support their ideas for growing the private sector in parts of the country where the state has taken a larger and larger share of the economy.

"The Mayor of London is also a very effective champion for the city he runs so well.

"We will work with him on plans this summer to go on investing in London transport, lengthening commuter trains, extending the Underground and exploring new river crossings in east London.

"So from the allocation made to the Mayor through the Growing Places Fund he will be creating a new £70 million development fund to attract new business and new jobs."


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