£70k pay-off if Ken's voted out as Mayor

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He would be among the first London politicians to benefit from a new "resettlement grant" scheme. Exact details are being finalised but insiders say the Mayor would be likely to receive half his annual salary - currently £137,579 - in the event of a shock defeat.

However, the Tories claim the "golden goodbye" could be as high as £91,719 if it is based on an alternative calculation of one month's pay for each of the eight years he has been in power.

The new system of payments for loss of office is being introduced following the passing of the Greater London Authority Act 2007. This brings the GLA into line with MPs, who receive half of their salaries

The six London Assembly members who are standing down in May, and the nine others at risk of losing their seats, will also benefit from the rules. They will receive half their £50,582 basic wage.

The Government has pledged the Act will come into force before the 1 May polling day. But Tory local government spokesman Eric Pickles said: "Residents will be outraged at cash being stuffed in the pockets of electorally challenged Labour politicians."