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• Question by: Kit Malthouse
• Meeting date: 05 June 2013

Kit Malthouse (AM): Professor, it is very interesting, what you have been saying this morning. Obviously the restrictions on borrowing by local authorities were loosened in 2003. I hesitate to be political about it, but the strict introductions that were introduced in the 1980s were in response to irresponsible borrowing by a number of local authorities, not least Liverpool and Hammersmith and Fulham, interestingly, and also I think the interest rate swap debacle where Hammersmith and Fulham lost the case on their treasury management and got into all sorts of trouble. The reason that the Government introduced those restrictions back...

• Question by: Jennette Arnold OBE
• Meeting date: 05 June 2013

Jennette Arnold OBE (AM): You have touched on the issue of governance, so my question is about that. If the measures outlined in the LFC's report were to be implemented, what, if any, new powers or scrutiny roles do you envisage the London Assembly and/or local government in the capital requiring? You said in February that it was Ed Koch, former Mayor of New York, who played a great role in bringing the development of city mayors to London. Do you envisage a New York City-style of council in future where the 51 members there have sole rights of approval...