London issues

1. "London's £10 billion pensions timebomb"

"A PENSION funding shortfall of £10billion threatens local government services in London, the Evening Standard reveals today.

A detailed investigation of council finances shows for the first time how all 33 local authorities now have deficits in their staff pension funds.

But while the funds have shrunk, the retirement benefits due to be paid to local government's highest paid workers have never been more generous. At least seven current chief executives are heading for final salary pensions of at least £100,000 a year.

Experts warn that the scale of the underfunding, equivalent to more than £3,000 for every council tax paying household in the capital, makes sharp increases in council tax or cuts in services all but inevitable."

2. "Day of the long knives at City Hall as Boris axes 120 jobs"

"CITY Hall staff today told of a "climate of fear" as up to 120 positions were cut as a result of Boris Johnson's restructuring plans.

The Mayor wants to save about £7.5million from an £80million budget by the cuts, many of them middle managers earning about £40,000.

The main cuts are expected to be among administration staff. Short-term contracts will not be renewed. "