London could go BUST because of Sadiq Khan’s ‘shameful mismanagement’ of city

Sadiq Khan ‘has failed to be a leader’ says Shaun Bailey

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Reclaim commissioned an analysis of the city’s finances and states that the Labour mayor has “sent the level of Greater London Authority debt soaring from £3.7billion to £5.2billion”. Warning of the risk of “even bigger tax rises”, it says the analysis raises “grave questions about the capital’s long-term financial viability and suggest that it risks going bust on the Mayor’s watch”.

Mr Fox, an actor and controversial campaigner who has launched his own bid to be elected Mayor of London, said: “These accounts would shame a banana republic. It is quite extraordinary and shocking that the same amount of money raised in London in council tax this year for City Hall will be frittered away on paying the interest on Sadiq Khan’s overdraft.

“He has plunged the capital deep into the red with no apparent means of escape. His mismanagement long predates the pandemic so he cannot use that as an excuse.”

Describing how New York was on the brink of bankruptcy in 1975, he said: “It would be appalling if London went the same way. It is the shining star of the UK economy and its eclipse would have a dreadful knock-on effect across the whole country.

“Khan got us into this mess. He is certainly not the man to get us out of it.”

Reclaim argues the Mayor’s levels of spending and debt were “out of control even before the pandemic”.

The fledgling party is concerned by the increase in staffing at City Hall since Mr Khan moved in, and alarmed at the cost of servicing the combined City Hall and Transport for London debts.

Labour declined to comment on the analysis or the claims made by Mr Fox and his party.

A spokesperson for London Labour said Mr Khan “will not engage” with candidates he considers on “the extreme far right.”

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