Mayor's plans to help capital 'weather the financial storm'

BORIS JOHNSON today announced plans to help London through the financial crisis.

The Mayor and his policy director Anthony Browne have developed an Economic Recovery Action Plan to support the capital's residents and businesses.

Mr Johnson said he would refocus £400million from the London Development Agency's budget towards promoting jobs, skills and economic growth.

He plans to invest £600million in skills training and push ahead with more than 50 major infrastructure projects, including Tube and Crossrail upgrades.

The promises follow weeks of consultation with business groups, small companies and leading multinationals. Mr Johnson said: "London retains the many strengths that propelled it to becoming a world leader not just in financial services, but in media, fashion and high technology.

"The Economic Recovery Action Plan will help London weather the storm as well as prepare for the eventual upturn. If we handle this right, we can come out of the slump in a stronger position than before."

Under the plan, the Mayor aims to deliver more affordable housing and energy efficiency programmes to help businesses and Londoners cut their energy bills. He has also said he will lobby the Government to have a competitive tax regime to ensure that London remains a global centre.

Current tax rules have already led to the chairman of his business forum Sir Martin Sorell moving part of his company to Ireland.

Writing in the Standard today the Mayor warned against overplaying London's financial situation. He said: "Despite tales of apocalypse now, not just the City, but the city is still alive with the sound of people making money.

"The Visigoths are not at the gates," he added.