The Mayor will chair newly formed Transport for London. The body will embrace London Transport and will operate the Tube and bus network; and most of the trunk roads operated by the Highways Agency. It also covers the Docklands Light Railway, the Public Carriage Office (which licenses taxis and minicabs), the traffic director for London and the Traffic Control Systems Unit responsible for traffic lights.
Around 95% of London's roads will remain under control of the boroughs.
TfL will set London's annual transport budget, approve fares, facilitate new transport systems, introduce congestion and workplace charging and approve charging schemes brought forward by individual boroughs.
The Mayor is expected to produce an integrated transport strategy for TfL by next spring, having consulted the 32 boroughs. The Greater London Assembly, which will also be elected on 4 May, will be consulted on the Mayor's integrated transport strategy and approve the budget. The budget can be changed if two thirds of the Assembly votes against it.
London Transport and London Underground will be wound up after the signing of Public Private Partnership contracts. All day to day operation of the Tube will transfer to TfL.
The TfL board will comprise up to 15 people with experience of transport, finance and commercial management.