For one of the world’s major cities and an important financial centre, the choice of candidates in the London mayoral elections next week is distinctly uninspiring.

The incumbent Ken Livingstone, first came to prominence as a left-wing leader of the old Greater London Council (GLC).

The GLC was abolished by Mrs Thatcher, mainly because of its opposition to her policies, but Livingstone survived that and New Labour’s attempts to find anyone but him as the first London mayor.

Since winning office, he has introduced the congestion charge on traffic entering a central zone around the City, a remarkably brave step for most politicians but in keeping with Livingstone’s willingness court unpopularity.

Livingstone is seen as an effective, if somewhat slippery politician, although his ‘Cuddly Ken’ image has taken a battering in recent years.

Livingstone is also now trailing Conservative Boris Johnson in the most recent polls.

Johnson is widely seen as either a buffoon or an engaging character, depending on your viewpoint (a Youtube clip shows him in action in a charity England v Germany football match).

He is best known for his journalism and TV appearances, although his campaigning style has been short on flair and long on caution, as his advisers have tried to control his more outspoken tendencies.

Lagging the two main candidates is former policeman Brian Paddick who has made little headway on a law and order platform.

Considering the growth of London as a virtual City state that plays a major role in the UK economy, there has been very little debate about protecting London as a financial centre or the possible effects of the government’s decision to raise taxes for non-domiciled residents.

This latter measure could make London less attractive for many of the hedge fund managers, bankers and business tycoons who have boosted London’s financial clout.

On the other hand, it could be argued that more needs to be done to raise taxes to for the capital’s infrastructure.

Similarly, the contribution of London to the UK economy and whether it receives a fair share of overall public spending has not been covered.

Matters such as this have been ignored in favour of ‘he said, she said’ rows, or odd assertions, such as public school educated Johnson’s claim to be ‘down with the ethnics’.

With a general election in 2009 or 2010, the result of this race could boost Tory hopes of winning back power, although the Conservatives must also fear that a few Johnson gaffes or stumbles could damage their prospects.

In any event, London does not look like winning a champion to fight its corner. Partly this is down to the lack of power in the job, but it is worrying that its mayoral contest has been so lacklustre.