In a truly momentous announcement, Boris Johnson today said that he would cut his share of the council tax by a whopping 1%.
Thousands of Londoners were set to storm City Hall in jubilation as they realised that Boris could save them an earth-shattering £3 for the entire year.
One commuter queueing up at one of London's lesser-spotted ticket offices told this blog:
"I was pretty angry about the hundreds of pounds Boris has cost me in fare increases, but now that he's offering me £3 back I think I can forgive him. I could almost afford a single tube ticket with that."
At almost one penny's worth of saving per household per day, Boris's precept cut is likely to transform the Mayoral race and possibly even the UK economy.
A spokesperson for Boris's campaign said:
"This shows that Boris Johnson is truly in touch with the pressures that ordinary Londoners face, unlike that Commie, North Korean, extremist, liar Ken Livingstone."
A source close to the Mayor denied that Boris will now also reverse his plan to raise fares by 2% above inflation every year for the foreseeable future.
"No of course we're still going ahead with that. What are we, made of money?"