The Mayor of London has pledged to fight the budget cuts that will affect Visit London.
Visit London is part funded by the London Development Agency (LDA) who gives around £15m a year as part of the organisation’s Global Competitiveness programme. But after learning that much of the LDA’s £480m settlement is set to be axed, with only projects it is legally committed to set to receive funding, the Mayor’s office has announced that it will be fighting the cuts.
As reported by CIT Magazine, a spokesman for the Mayor of London said: “We were given assurances by the treasury that an appropriate pot of money would be available for London and we plan to fight this all the way. These are priorities that the government has asked us to deliver and that Londoners expect. We are determined to deliver them for the economic benefit of the city and to prepare London for the 2012 Games.”
Visit London is awaiting further clarification of how the LDA’s funding cuts will affect its work. The organisation works alongside corporate venues and event spaces in the capital and is boosted by partnerships with companies such as Eurostar, Wembley Stadium and the O2 arena.
London’s tourism industry is worth around £16bn to the economy and supports around 300,000 jobs. Visit Britain recently learnt that it would lose 34 per cent of its budget as part of the government’s comprehensive spending review. Nevertheless, with recent news that the event and conference sector is riding high, it seems that cuts would be unlikely to damage the high performing industry.