The City of London has warned that the capital could be damaged as a financial centre if politicians wave through new planning powers for mayor Ken Livingstone. Financial Times
Under the new Greater London Assembly bill, which has its second reading in the House of Lords this week, the mayor is set to be given the right to overrule planning decisions by local authorities.
Michael Snyder, chairman of the City of London's policy committee, believes concentrating such power in the hands of one person could be a big mistake.
'The City has supported a strategic role for the London mayor but the current proposals, as drafted, are in danger of damaging the international competitiveness of the City by making the whole process more complicated and less responsive,' said Snyder. 'The global financial firms that make London the international marketplace of choice need a system that works well – and this looks like it won’t.'
The bill will give the mayor the power to intervene in all applications of 'potential strategic importance' and take over negotiations with developers on section 106 agreements.