The London Assembly (Plenary) meeting scheduled for Thursday 29 January 2026 was primarily focused on the Mayor of London's draft Consolidated Budget for 2026-27. The Assembly was set to consider the budget proposals, hear questions from Assembly Members to the Mayor, and receive responses from the London Assembly Budget and Performance Committee regarding the Mayor's budget proposals.

Draft Consolidated Budget for 2026-27

A significant portion of the meeting was dedicated to the Mayor of London's draft Consolidated Budget for the 2026-27 financial year. The Mayor was scheduled to present his report to the Assembly. The Assembly was also to consider the response from the London Assembly Budget and Performance Committee to the Mayor's GLA Group Budget Proposals and Precept 2026-27 Consultation. This committee's response, detailed in a report, highlighted key issues raised during their deliberations and offered comments on the Mayor's consultation budget. Assembly Members were also scheduled to ask the Mayor questions on the eight sections of the draft Consolidated Budget document.

The Assembly has a duty to consider and approve the Mayor's draft Consolidated Budget, with or without amendment. The substantive motion before the Assembly was: To approve the draft Consolidated Budget for 2026-27, together with the draft component budgets comprised within it, with or without amendment. The process allows for amendments to the draft budget, and if a Budget Amendment is carried, the substantive motion would fall. This meeting represented the first stage of a two-stage budget-setting process, with a final decision due at a later meeting.

The report pack included detailed responses from the Budget and Performance Committee to the Mayor's draft budget proposals concerning several key areas:

• GLA: Mayor Budget 2026-27: The committee noted concerns about a £19 million budget gap and the need for transparency in budget changes. Recommendations included the GLA providing updated budget proposals and committing to further scrutiny once numbers were clearer. The committee also highlighted the interaction between the Mayor's Universal Free School Meals programme and the new government entitlement, recommending that the consolidated budgets clearly set out this interaction.
• Oxford Street Pedestrianisation: The committee urged the Mayor to publish the full anticipated cost of the Oxford Street project, its funding sources, and any contingencies.
• London Stadium and National Sports Centre at Crystal Palace: The committee recommended that the Mayor and the London Legacy Development Corporation (LLDC) explore all commercial potential for the London Stadium to offset running costs. They also recommended that the Final Draft Consolidated Budget detail the anticipated improvements, costs, and timescales for the Crystal Palace National Sports Centre redevelopment.
• GLA Reserves: The committee recommended that the GLA review its reserves to ensure long-term balances are necessary and that future budgets include justifications for each reserve.
• Mayor's Office for Policing and Crime (MOPAC) Budget 2026-27: The committee recommended that the Mayor provide updated budget proposals and that the MOPAC budget document include a statement of the current resource need for police officers and support staff. They also addressed the cost of policing major events, recommending an update on discussions about cost recovery. Concerns were raised about the alignment of the budget with the manifesto commitment to increase neighbourhood police officers and PCSOs.
• Transport for London (TfL) Budget 2026-27: The committee recommended that the Mayor confirm the cost and funding source for the bus and tram fares freeze. They also sought details on TfL's contingencies for managing financial implications of variations from income projections and requested clarity on the implications of reduced capital renewals spending. The DLR extension to Thamesmead funding and Hammersmith Bridge repairs were also noted.
• London Fire Commissioner (LFC) Budget 2026-27: The committee highlighted concerns about the lack of sustainable funding for the Modern Firefighting Training Programme and recommended the Mayor work with the LFB to develop a sustainable funding plan. They also addressed pay award uncertainty, recommending the Mayor urge a review of the national pay negotiation framework and work with the LFC to include headcount information in future budgets. The depletion of reserves and the need for financial resilience were also noted.
• Affordable Housing 2026-27 Budget: The committee sought analysis on the change in subsidy levels for affordable homes programmes and recommended that the Mayor set out the conditions required for a reduction in subsidy levels. They also requested clarity on the expenditure profile and delivery plan for the new 2026-36 Social and Affordable Homes Programme, and recommended the incorporation of interim delivery milestones and clear expectations on tenure mix, unit sizes, and programme incentives.

Future Meetings

The Assembly was also scheduled to agree to use the 5 March 2026 Plenary meeting to hold a question and answer session with invited guests on London's economy, jobs, and growth, and the Mayor's growth plan. The date of the next scheduled meeting was set for Thursday 5 February 2026.

Declarations of Interests and Minutes

Prior to the budget discussions, the Assembly was scheduled to receive any apologies for absence and announcements from the Chair. A report on declarations of interest was to be considered, with recommendations to note the list of offices held by Assembly Members as disclosable pecuniary interests, and any declarations of other relevant interests. The minutes of the London Assembly (Mayor's Question Time) meeting held on 18 December 2025 were also scheduled for confirmation.