London Mayor Boris Johnson has backed a report calling for the capital to be given greater financial freedom in order to fund major infrastructure projects.
Mr Johnson said the current way London received funding from central Government was "simply not fit for purpose" and called for tax and spending powers similar to those devolved to Scotland and Wales.
Under the proposals London would be given complete control over property taxes, including council tax, stamp duty and business rates. The London Finance Commission report also recommended giving the city the power to introduce new taxes, such as a levy on tourists, and greater freedom to borrow.
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Mr Johnson said there was an "acute need for London to be able to better plan and finance the infrastructure needed to prosper and maintain a great quality of life, in the face of a decade of expansion".
The commission was chaired by Professor Tony Travers, from the London School of Economics, who said: "London needs greater financial autonomy to drive growth and deliver better infrastructure."
The report said: "A tourism tax would seem to have particular potential in London because of the size and particular needs of the leisure and tourism industry. If the city's cultural, tourist and entertainment industry are to flourish, there is a powerful argument for a levy that could then be reinvested in marketing and urban realm improvements."
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