After previously denouncing efforts to reduce inequality as "futile", the mayor concedes that the gap between the rich and the poor is too large.
All prices will still rise by at least 3.1% at a time when wages are rising by just 0.8%. But this remains a significant concession to Labour.
The mayor presented social mobility as compensation for inequality but it's the gap between the rich and poor that erodes opportunity.
Falling real wages and inflation-busting price rises mean that having a job is no longer a secure route to escaping poverty in the capital.
The majority of lower-income Londoners don't have season tickets and will continue to suffer from above-inflation fare rises.
The Mayor's call for the removal of the cap on council borrowing for house building could be answered in the Spending Review.
The mayor finally needs to offer a compelling account of the city he wants London to be.
The Respect MP appears to have already grown tired of Bradford.
If there is a glimmer of hope, it is that it is the free market model embraced by the young is failing them. They could be won round.
The Conservatives are caught between advertising their cultural affinity with UKIP and denouncing its members as closet extremists.