London mayor Ken Livingstone has appointed a commission to review the possibility of building a new exhibition centre for the capital, after a report revealed the lack of adequate conference facilities could be indirectly costing the city’s retail and leisure industry more than £100m a year.

The results of a report, compiled by accountant Grant Thornton, show that London’s conference industry loses around £30m in direct income due to the lack of venues large enough to host major meetings.

The report formed the first phase of the feasibility study and the commission will make its final recommendations next July.