First meeting of business council calls for third Heathrow runway

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The Mayor was taking part in the first session of his newly-created International Business Advisory Council for London which is designed to help attract global companies to the capital.

It is chaired by Sir Martin Sorrell, chief executive of global advertising giant WPP, and has representatives from companies in 12 countries.

Other members of the 58-strong board include Willie Walsh, chief executive of British Airways, Stuart Rose, chief executive of Marks & Spencer and Stephen Green, the group chief executive of HSBC holdings. Sir Martin, who recently announced that part of WPP is moving to Dublin for tax reasons, said: "We talked about how a third runway was important for business and while he listened, Boris explained that he was concerned about the 'livability' issue.

"This council is a very useful sounding board and was also important to talk about the financial situation. Some people think it is the beginning of the end, while others say it's the end of the beginning. Boris might not be able to bail out banks, but he has been supportive of the good things that have been done and he can take our views forward."

Other issues discussed included the need to continue improving the capital's transport infrastructure, making London a more affordable place to live and the transformation that will be delivered by the 2012 Games.

Mr Johnson said: "Bringing some of the world's best business minds together at City Hall could not be better timed. Like many world cities, London's economy, its markets and its businesses are feeling the effect of the global credit crunch."

Responding to WPP's move to Dublin, Mr Johnson said: "The Government must rethink its strategy on taxation as many council members reaffirmed that the current system is highly likely to drive more great enterprises like Sir Martin's WPP to base their headquarters overseas"