Visit London saved as Boris Johnson combines promotion groups

A trio of London agencies have been saved from the axe after Boris Johnson announced they would be merged into a single body.

Tourism agency Visit London, investment body Think London and education body Study London - which between them raise billions of pounds a year for the capital - will be known together as Promote London.

They faced an uncertain future after the Treasury's decision to scrap the London Development Agency's £480million budget. The Mayor will announce a £14million-a-year funding deal until 2015 for the new umbrella agency in his City Hall budget, expected tomorrow.

The Standard revealed that the three promotional bodies, which were funded by the Mayor's regeneration body,were under threat.

Mr Johnson said: "I'm pleased the Government has recognised the importance of fuelling London's economic development."

Cities including New York have already enquired about following the example and combining development agencies.