I pledged to work in partnership with business to create 100,000 jobs over a four-year term.

I pledged that with the help of Trevor Phillips I would reverse the trend in street crime within two years of becoming Mayor. And I set out my agenda to tackle drugs crime.

Later this week I will publish my ten-point plan which will set out my priorities for modernising London's transport system for this policy area.

By May 4th I want every Londoner to know about my vision for London.

Today I am going to do something very unpolitician like. I am promising to make the improvements you want to see in public transport before I ask you to pay an extra penny.

I will bring in no increased taxes, fares, or charges in my first four years as London mayor. If I have not delivered better transport in London in four years it will not have cost you a penny.

That's right. I am pledging today in my first four years as London Mayor I will bring in:

• No congestion tax
• No increases to fares in real terms
• No extra parking tax

I believe that it is right and proper that every mayoral candidate explains to you exactly what their plans for London transport are going to cost. Because we are now talking about big money.

When you enter your cross on your ballot paper you must have this information before you. For me, that figure is zero.

Let me just briefly go through each of the pledges.

1. No congestion tax.
   

   I am not against congestion tax in principle. Indeed, I believe that if we improve public transport that it would be a good measure to help reduce congestion.

   But let's be honest. Right now people cannot easily move from their cars to public transport. During rush hour there is no spare room on the tube and buses often just drive past long bus queues because the buses are full. And some people cannot get to their destination at certain times of day except by car because there is no public transport.

   I believe that the introduction of a congestion tax has to be done properly. It can't be justified if it doesn't relieve congestion. There is certainly no point in having a congestion tax that increases congestion and add to needless bureaucracy.

   I have looked at all the systems that could be introduced to implement congestion tax. The London mayor could introduce a paper based congestion system within a year or so of being elected. And this collection system is favoured by some of the candidates.

   I have ruled it out.

   Any paper-based system would cause congestion, either by stopping cars at Berlin wall-style check points as they enter the charging zone, or alternatively employing hordes of inspectors and police checking that all motorists in the zone were displaying discs. Moving vehicles in the zone without discs would have to be flagged down - adding to the congestion the scheme is supposed to relieve.

   The congestion tax disc would mean motorists would have to pay an extra tax costing over £100 a month. The Mayor would then need to employ an army of traffic wardens to check this extra tax disc was being displayed and an army of police officers bound up in red tape trying to stop mass avoidance.

   I can't possibly justify a system which taxes every vehicle that enters the charging zone. Nor can I possibly justify one which levies the same tax in the middle of the night when the roads are clear as are levied during the rush hour when the roads are full. That would certainly be a tax. Equally certain, it wouldn't have anything to do with relieving congestion.

   The sensible alternative is an electronic system but that would be more long term.

   ROCOL - the group of independent transport experts commissioned by the Government Office for London to look at this issue - say a sensible electronic system of congestion charging could only be introduced a few months before the end of the Mayor's first term. I believe that if we are serious about relieving congestion (and I am) we have to have the public transport alternatives in place in advance, and we need a system which won't actually increase congestion and which is fair and seen to be fair.

   In practice allowing for pilot schemes and teething troubles that is not likely to be available in less than 4 years, and so I would simply get a system ready to be introduced after the next Mayoral election in 2004.

2. No increase to fares in real terms.

   After the 1% increase already announced for January 2001, I will insist that tube fares are frozen in real terms from then on.

   Also, if we are serious about encouraging people to use public transport rather than their cars we need to keep fares as low as possible.

   It would be wrong not to face up to economic facts. If we cut fares we cut investment on the tube. And more broken escalators are the last thing London needs.

3. No extra Parking taxes

   I also say no to extra parking taxes. The Mayor will have the powers to charge people who drive in London. But experts say even a £3,000 a year tax for parking at work would have a negligible impact on congestion.

Like every Londoner I want tangible evidence of improvement before we have to pay more. I want modernisation first. I believe in carrots before sticks.

I want Londoners to know that I am on their side.

Over the next four years I would be taking other measures to improve bus services and relieve congestion. Congestion and parking taxes aren't the only way forward.

I want them to know that I am someone they can rely on to get the best deal for London.

Thank you.