Birmingham, Manchester and Westminster have together enlisted a number of business figures to sit on the review, which will be chaired by Sir Stuart Lipton, one of Britain’s most influential property developers.
The commission includes Nick Raynsford MP, former local government minister, professor Tony Travers, director of the Greater London group at the London School of Economics and Roger Bright, chief executive of the Crown Estate.
The new city commission set up by Westminster, Birmingham and Manchester councils will examine how local authorities can become less reliant on central government and whether this might aid the country’s economic growth.
Their final report will form part of the coalition’s review of local government finance which is due in the summer.
The three authorities - which have jointly pledged to make almost £500m worth of savings over the next four years – argue that the current system for funding Britain’s major cities and their public services is unsustainable and needs radical reform.
Hayman, who is also regional chairman of private bank Coutts & Co, co-founded public relations consultancy Seven Hills in January 2010 alongside ex-Text 100 UK MD Nick Giles.