Boris Johnson's Mayoralty has cost London taxpayers at least £600million of wasted money because of poor decisions, ideological dogma and vanity schemes. Since first being elected as Mayor of London in 2008, Johnson has only ever been a part-time Mayor, as he has used City Hall as the launch pad for his own political ambitions.
As an entrepreneur, I believe that safe, fair competition is ultimately good for the consumer, and likely to expand the market in which it occurs - to the benefit of all. Disruptive new entrants can be a force for good, forcing others to up their game and creating a better overall experience. However, for that to happen a level regulatory playing field, where everyone knows where they stand, is essential.
The next Mayor is faced with an air pollution crisis to solve and the knowledge that expanding our road network will just make that crisis worse. What we need is the same kind of determination as when London adopted the congestion charge. The only way London will work is if we reduce traffic at the same time as increasing our population. The next Mayor has to instil a sense of optimism into Transport for London. They have done it before, they can do it some more.
The story of London on and after 7 July 2005, despite the pain and the anguish which will never abate, is a more optimistic story than that. People stopped to help. We mourned together. It changed us. The bombs brought fire and death; but I recall that one of the Olympic symbols is a torch. That was the fire which lit London three years ago, which London will carry forever, and in whose flickering light the names of those who died will live for evermore.
Today, I want to set London a new new goal. I want to raise £1bn every year for a Londoner's Fund, and invest this money to create a London endowment to support our good causes. This £1bn can be raised through a new London Lottery and a Hotel Tax on Tourist stays which is a real money-maker in many other European cities - but has never been tried here. These provide a fantastic untapped source of revenue, without imposing punitive taxes on Londoners.
I believe that London is the greatest city in the world but it is beset by the mortal threat of deepening inequality. I wholeheartedly agree that if London is to continue to thrive we must deliver change to ensure the city functions for all, not just a privileged few. I know I can be the mayor to deliver that change.
These economic priorities will run in concert with, not be road-blocked by, my desire to make London a greener place to live and work. That must be the balanced approach that any Mayor makes to the capital's multi-faceted challenges, and I look forward to showing why I am uniquely suited to rise to that task.