“You have a budget coming in March and we think that would be a good time to take stock.”

Business quote of the day.

“You have a budget coming in March and we think that would be a good time to take stock.”
IMF chief economist Olivier Blanchard warns that the chancellor George Osborne should use the Budget in March to tone down austerity measures in the UK.

Olivier Blanchard. Photograph: Getty Images

Helen Roxburgh is the online editor of Economia

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Sadiq Khan to be elected mayor of London

The MP for Tooting will reclaim City Hall for Labour after eight years.

Sadiq Khan is to be elected mayor of London. Though results are still coming through, it is now mathematically impossible for anyone else to win. The Tooting MP has won City Hall back for Labour after eight years of Conservative rule.

At the time of writing, Khan is beating the Conservative candidate Zac Goldsmith, at 45.5 per cent to 33.9 per cent, in what could be described as a landslide victory. The Green candidate Sian Berry is third with 6 per cent of the vote, followed by the Lib Dems (4.4 per cent) and Ukip (3.5 per cent). Turnout has been higher than expected, at 44.8 per cent – the highest turnout in a London mayoral election since Boris Johnson won in 2008, when it was 45 per cent (in 2012, it was 38 per cent).

The first MP of Islamic faith ever elected in London, Khan was also the first Asian and Muslim to attend cabinet meetings, after being appointed transport minister in Gordon Brown’s government in 2009. He has represented Tooting since 2005. There will be a by-election in the constituency as Khan stands down as MP.

Khan’s thumping victory is a boost for Jeremy Corbyn and the Labour leadership, after a night of disappointing local election results, and coming third in Holyrood. At the time of writing, Labour has kept the same share of seats in the London Assembly.

The result is a disaster for Goldsmith, whose campaign came under constant criticism for its scare tactics regarding Khan as a Muslim of Pakistani heritage. The Conservatives accused Khan of “pandering to extremists”.

Andrew Boff, the Conservative group leader on the Greater London assembly, called the campaign’s attempts to link Khan to Islamic extremism “outrageous” , and the outgoing Tory deputy mayor of London, Roger Evans, said it was a “foolish” campaign, which could “leave a negative legacy” for the Conservatives in London.

The result will come as a relief to pollsters, however, who were predicting at least a 12-point lead for Khan.

Anoosh Chakelian is deputy web editor at the New Statesman.