The London Fairness Commission’s Final Report

London is a global city, yet compared to other cities of its standing the cost of living in London is high. Londoners on average salaries spend 49% of their pay on rent, compared with 26% for those on average salaries outside the capital. The average extra costs for householders who are renting and using childcare is £6,000. Would-be homeowners in London need to earn £77,000 a year to get on the housing ladder^[1]. Across the UK, a first-time buyer needs a minimum income of £41,000.

The London Fairness Commission’s recommendations include:

Immediate introduction of a London minimum wage of £9.70

The Mayor should delay issuing the Freedom Pass from 60 to 65 years and means test it

Action to make employers help more with childcare costs

Public disclosure of pay ratio data from companies and public sector bodies based in London

Ensure that companies registered offshore declare details of property ownership

The Mayor of London to be given powers of compulsory purchase on land/properties owned by offshore companies who are unwilling to declare the name of the ultimate beneficial owner

Suspension of right to buy for five years while supply is increased and provide a portable discount for those who have lived in social housing for 15 years

Reduce or control the average cost of letting agents’ fees and charges

Set ‘affordable rents’ to 30% of household income rather than 80% of market rent

Tax land owners in London with planning permission for new homes who refuse to develop their land for longer than 3 years.