"I don't need to tell you this is a time of real change, or economic challenge and indeed of budget austerity. In that context we as London have some real challanges and real opportunities and I know the Mayor will want to address those when we speaks.

"I want to reflect on the journey that the LDA has been on since May 2008, which is when I became Chair and Peter Rogers became Chief Executive of the Agency. At that time that was a widely held perception that the LDA was a trouble organisation and not fit for purpose, that lacked clear remit and role and indeed transparency, and was subject to internal and external reviews and commentary.

"Since then we have worked hard to address those issues, with the result that I believe commentators today will say what we have is a high perfomance organisation, one that has a clarity of purpose, an enhance governance structure and an organisation that is making a real difference.

"Today we do many fewer project than we used to do, but they have a bigger impact. We have innovated and workded with others to find new ways in bringing that impact to bear, to recycle existing capacity as projects mature and to make best use of the limited resources that we have as an agency.

"We sought to use our influence to make things happen where they otherwise would not have happened, and by so doing have punched well above our weight.

"We have set up the first 2 Mayor's acadamies, our employement and skills programmes have broken new ground and are now driving national policy.

"Through Visit London, Study London, Think London and Film London we've the Mayor promote London as the best place in the world to visit, study, invest and do business.

"Our regeneration activities have won recognition and international acclaim. Our climate change programmes have moved from prototypes and demonstration and have started to make real cuts in London's CO2 emmissions.

"Our work on the 2012 Games has continued to put thousands of Londoners in the best possible position to benefit from those games and importantly we have helped set up the Olympic Park Legacy Company."

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