London doesn't deserve to keep all the tax raised in the capital

As a Londoner I should be pleased that mayor Boris Johnson is planning to lobby the prime minister and chancellor to keep my taxes in the capital, but this protectionist measure is terribly short-sighted.

Johnson has said he wants tax revenue raised in London to remain in the capital and spent on better public services. In the 2009/10 tax year London contributed £99 billion to the UK economy in taxes and got back £94 billion through public spending.