The panel aims to expand London's economy beyond finance
Mayor Boris Johnson and London minister Tony McNulty have unveiled a 'high-powered' advisory group to help the city through tough economic times.
In a joint announcement, the two men said the group includes leaders from both the public and private sectors.
The main goal will be to expand London's economy beyond the financial sector while keeping the jobless rate down and meeting housing needs.
The group's recommendations will also form part of national policy-making.
Tony McNulty said: "London needs to be assured that we will do all we can to work together to make sure the capital's economy responds to the downturn in an effective way as possible."
For his part, Mayor Boris Johnson said it is vital that the government at Westminster appreciates the contribution of the capital.
"I am very pleased that the government recognises the huge role that London's economy plays in the success of UK Plc."
In addition to Mr Johnson and Mr McNulty, the panel includes Merrick Cockell, chair of London Councils, Harvey McGrath, chair of the London Development Agency, Stuart Fraser from the City of London and other key business and union leaders.