Boris Johnson delivers his speech on Europe at Bloomberg's London HQ this morning. Photograph: Getty Images.
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Boris's frivolity has left London craving serious leadership

When it comes to tackling the real issues facing the city, Boris has failed spectacularly. 

Who would have thought it? The famous blonde mop will soon be seen frantically pedalling its way past City Hall on the way to Westminster. As predictable as it was, Boris’s announcement today breaks a long-standing promise to Londoners that he would not become an MP while he was Mayor. The news clarifies where Boris’s priorities really lie and confirms what many of us have been saying for some time: the story of Boris’s London has been far more about Boris than about London.

To give the man his due, it hasn’t all been bad. For all the bombast and bravado, Boris has represented London well on the global stage. He is a jovial and likeable figurehead for the capital, fronting the 2012 Olympics and promoting the city well. I worked with him closely in the aftermath of the 2011 riots and always found him to be warm and amiable. I wish him well in whatever he does next.

But what has become increasingly clear is that while his own ambition knows no limit, Boris is seriously lacking in real ideas or ambition for London. The headline-grabbing gimmicks such as "Boris Island" disguise the fact that this emperor does not have any clothes. It took five years as Mayor for Boris to finally publish his vision for the city, and subsequent steps towards implementing that vision have been minimal and half-hearted.

Boris sets his targets low, but still fails to meet them. At a time when London needs 100,000 new homes a year, he gave himself a hopelessly inadequate annual target of 15,000 affordable homes and still spectacularly fell short. He talks up Silicon Roundabout yet fails to recognise that a 21st century world city needs technological innovation and investment that extends far beyond a few streets in Farringdon. He lets unemployment soar and then says it’s not his job to create jobs.

When it comes to tackling the real issues facing London, Boris has failed spectacularly. From infrastructure to transport to policing, his legacy is one of delays, disinterest and distraction. Those who have to work with him talk of a man biding his time, doing the minimum he can get away with and pushing the big issues into the long grass to avoid having to make tough decisions.

As a result, the next mayor will inherit a city in which problems that were mounting in 2008 are now spiralling out of control. On housing Boris’s record is particularly poor. His pledges and targets on house-building lie in tatters, constantly rewritten and redefined to cover up his failures. He has passively allowed London rents to hit an all-time high. And his decision to allow affordable housing rents to be significantly increased has hit low-income Londoners hard. Eighty two per cent of Londoners now believe the capital is in the grip of a full-scale housing crisis – and they are right.

Going forward, big problems will require big solutions. Tackling London’s housing crisis will mean making brownfield land available for housing, introducing a sensible system of rent controls and lifting the borrowing cap on local councils so they can build new council homes. Six wasted years mean London’s housing problem has reached crisis point – it needs committed leadership to solve it.

Boris doesn’t score highly on transport either. On his watch, bus fares have soared by 61% while the cost of a Tube travelcard is up by nearly a half. Meanwhile, Boris proudly poses for photos in front of his pointless £60m cable car and his defective £11.4m Routemaster buses. Instead of spending taxpayers money on vanity projects and a few accompanying headlines, he could have committed to keeping fares down. The Mayor of London should be overseeing and implementing a reliable, affordable and integrated transport system, not chasing photo ops and dangling on zip wires.

After promising to make London’s streets safer, meanwhile, Boris cut the number police officers by over 2,600 and forced through the closure of 12 fire stations.

The result of all this is that London is decreasingly affordable and increasingly divided. From his luxury office at the top of City Hall, Boris looks out over a city in which one in four people now live in poverty while the gap between rich and poor has turned into a chasm under the leadership of a Mayor who claims inequality is "essential". 

Whoever takes over in City Hall will have to make up for eight years of lost time. They will need to act boldly and decisively to ensure that London maintains its global edge. London therefore needs a mayor whose sole focus is working for Londoners, not one who is doing the job as a fall-back option or a stepping stone to Downing Street. With steely focus and real commitment, none of the issues the capital faces are insurmountable. It remains a vibrant, diverse and successful world city that 8.6 million people are proud to call home. But we need the mayor to prepare the city for the challenges of tomorrow. Behind the frivolity and the frollicks of Boris’s mayoralty lies the reality of a city craving serious leadership.

David Lammy is Labour MP for Tottenham

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BHS is Theresa May’s big chance to reform capitalism – she’d better take it

Almost everyone is disgusted by the tale of BHS. 

Back in 2013, Theresa May gave a speech that might yet prove significant. In it, she declared: “Believing in free markets doesn’t mean we believe that anything goes.”

Capitalism wasn’t perfect, she continued: 

“Where it’s manifestly failing, where it’s losing public support, where it’s not helping to provide opportunity for all, we have to reform it.”

Three years on and just days into her premiership, May has the chance to be a reformist, thanks to one hell of an example of failing capitalism – BHS. 

The report from the Work and Pensions select committee was damning. Philip Green, the business tycoon, bought BHS and took more out than he put in. In a difficult environment, and without new investment, it began to bleed money. Green’s prize became a liability, and by 2014 he was desperate to get rid of it. He found a willing buyer, Paul Sutton, but the buyer had previously been convicted of fraud. So he sold it to Sutton’s former driver instead, for a quid. Yes, you read that right. He sold it to a crook’s driver for a quid.

This might all sound like a ludicrous but entertaining deal, if it wasn’t for the thousands of hapless BHS workers involved. One year later, the business collapsed, along with their job prospects. Not only that, but Green’s lack of attention to the pension fund meant their dreams of a comfortable retirement were now in jeopardy. 

The report called BHS “the unacceptable face of capitalism”. It concluded: 

"The truth is that a large proportion of those who have got rich or richer off the back of BHS are to blame. Sir Philip Green, Dominic Chappell and their respective directors, advisers and hangers-on are all culpable. 

“The tragedy is that those who have lost out are the ordinary employees and pensioners.”

May appears to agree. Her spokeswoman told journalists the PM would “look carefully” at policies to tackle “corporate irresponsibility”. 

She should take the opportunity.

Attempts to reshape capitalism are almost always blunted in practice. Corporations can make threats of their own. Think of Google’s sweetheart tax deals, banks’ excessive pay. Each time politicians tried to clamp down, there were threats of moving overseas. If the economy weakens in response to Brexit, the power to call the shots should tip more towards these companies. 

But this time, there will be few defenders of the BHS approach.

Firstly, the report's revelations about corporate governance damage many well-known brands, which are tarnished by association. Financial services firms will be just as keen as the public to avoid another BHS. Simon Walker, director general of the Institute of Directors, said that the circumstances of the collapse of BHS were “a blight on the reputation of British business”.

Secondly, the pensions issue will not go away. Neglected by Green until it was too late, the £571m hole in the BHS pension finances is extreme. But Tom McPhail from pensions firm Hargreaves Lansdown has warned there are thousands of other defined benefit schemes struggling with deficits. In the light of BHS, May has an opportunity to take an otherwise dusty issue – protections for workplace pensions - and place it top of the agenda. 

Thirdly, the BHS scandal is wreathed in the kind of opaque company structures loathed by voters on the left and right alike. The report found the Green family used private, offshore companies to direct the flow of money away from BHS, which made it in turn hard to investigate. The report stated: “These arrangements were designed to reduce tax bills. They have also had the effect of reducing levels of corporate transparency.”

BHS may have failed as a company, but its demise has succeeded in uniting the left and right. Trade unionists want more protection for workers; City boys are worried about their reputation; patriots mourn the death of a proud British company. May has a mandate to clean up capitalism - she should seize it.