Lord Mayor favourite withdraws after ex-boss probe

The expected new lord mayor of the City of London has withdrawn after being made aware that criminal proceedings had been launched against someone "closely connected" to a previous employer.

Alderman Timothy Hailes, who was named by the Court of Aldermen as their preferred candidate for 2026/2027 announced his decision at a recent meeting.

In a statement sent to all City of London Corporation members, alderman Hailes said he personally was not under investigation, but wanted to ensure the mayoralty was not brought into disrepute.

Alderman Hailes added that he hoped to be considered for the mayoralty at a later date "when circumstances permit it".

In his email, Hailes said that "someone closely connected to a previous employer where I was a director and shareholder is subject to criminal proceedings".

He added it "no way involves me and I am not personally under investigation. But to ensure that there is no possibility of any damage to the mayoralty or the City's reputation I have decided to step aside at his election".

It is not clear which previous employer Hailes was referring to.

The Court of Aldermen - the governing body of the City of London - has instead given its support to alderman Bronek Masojada, with the election taking place today.

The lord mayor is a historic role, the occupant of which changes on an annual basis.

They are chosen from the 25 aldermen and alderwomen in the Square Mile who have also served as Sheriff of the City of London.

The Local Democracy Reporting Service understands there has been some surprise within the Corporation, both at alderman Hailes' withdrawal and the reasons given in his statement.

In a LinkedIn post, Hailes wrote: "I'm obviously hugely disappointed but this is the right thing to do in the circumstances for the Mayoralty and The City about which I care so deeply.

"The whole point of the 'Modern Mayoralty' programme is that the office is bigger than the individual. It must be so."

The Corporation confirmed that Hailes had withdrawn from consideration for election as Lord Mayor of the City of London for 2026/27 and its support for alderman Bronek Masojada.

The lord mayor elect will be formally admitted into office on 13 November 2026.

Listen to the best of BBC Radio London on Sounds and follow BBC London on Facebook, X and Instagram. Send your story ideas to hello.bbclondon@bbc.co.uk