Boris's �858m reserve fund is a disgrace

Many people are struggling with their own personal budgets right now. So they will be surprised to discover that Boris Johnson is sitting on �858 million of taxpayer money in reserves, a steep increase of �148 million from last year. Some reserves are vi

Many people are struggling with their own personal budgets right now. So they will be surprised to discover that Boris Johnson is sitting on �858 million of taxpayer money in reserves, a steep increase of �148 million from last year. Some reserves are vital for prudent financial management, but holding on to nearly a billion pounds of Londoners' money when they are enduring this grim recession is a scandal.

At City Hall I have urged the Mayor to use these reserves to invest in frontline services and restore the serious cut in police numbers he is now making. The Liberal Democrats believe he should also give some of this money back to hard up Londoners by reducing the council tax burden this year.

Instead it looks like he's building up reserves for a council tax cut when the next Mayoral elections come round in 2012.

His whole approach to budgeting is putting electioneering before good stewardship of Londoners' money. The full details of the Liberal Democrat budget proposals can be seen at http://www.glalibdems.org.uk/resources/index/


You may also want to watch:


Mike Tuffrey

Leader of the Liberal Democrat London Assembly Group

Most Read

Become a Supporter

This newspaper has been a central part of community life for many years. Our industry faces testing times, which is why we're asking for your support. Every contribution will help us continue to produce local journalism that makes a measurable difference to our community.

Become a Supporter