His reform proposals included deregulation and privatization most notably of the post savings system as well as devolution of authority and financial resources to the local level.
The Corporation of London, the Square Mile's localauthority, wants more tall buildings because it fears competition from rival financial districts and not just Frankfurt and Paris.
Last month, the local authority's external auditors reported that they had uncovered shortcomings in the financial management of the service, but no further details have so far been disclosed.
Can a governor suspend localauthority and install a receiver who can actual run local government effectively while solving whatever financial problems it is suffering from.
He said he was "confident" the localauthority could meet its savings target, but added that it may take longer than the current financial year to do so.