A draft budget - the GLA Group Budgets Proposals 2011/12 document – has now been published and is open for consultation until 21 January.
Within the document, the Mayor of London proposes funding of £14m a year for Promote London, which is a cut of £3.35m a year from current grant levels received by the three agencies.
Visit London received £11.7m in 2010/11, while Think London had a grant of around £5.5m a year (£16.5m over three years) and Study London received £150,000.
The new agency is being launched in April 2011, when London Development Agency commitments to the three bodies are concluded.
However, the Mayor is unable to confirm the funding – or details of how it will be distributed between the functions of Visit London, Think London and Study London – until central government finalises its own budgets.
Mayor of London Boris Johnson stated: "I cannot conclude all my budget proposals as the Government has yet to announce a grant settlement for the London Development Agency (LDA) in 2011-12. However given the vital importance of promoting London internationally, I am committing now to fund Promote London and a number of other schemes currently financed by LDA grant."
Within the consultation document, the Mayor identified key objectives of the LDA for 2011/12, which will now be folded into the GLA.
- Continue the current strategy of streamlining and aligning operations through Promote London by consolidating activities through a new integrated agency to promote London.
- Consolidate and strengthen messaging under a single London brand.
- Continue to support the development of business and visitor tourism to London.
- Grow London’s share of the international meetings, conferences and exhibitions industry to bring more business tourists into the city.