document: The think tank said the city's 1,536 schools needed to save £360m in the first year if the government's National Funding Formula (NFF) plan goes ahead.
  The amount is the equivalent of 12,857 qualified teachers, on an average salary of £28,000.
  The government said London was the highest funded part of the country.
  It added that under the plans, which are under consultation, inner-city schools would be allocated 30% more money per pupil than the national average.
  But London Councils, which represents the city's 32 boroughs and the City, said no school would gain enough funding from the NFF to compensate for increased cost pressures from inflation, higher pension contributions and national insurance.
  Ministers said the new formula was needed to tackle uneven levels of funding across England, with the best funded areas getting more than £6,300 per pupil per year, while the worst-funded averaging £4,200.
  It said the funding cut was on top of National Audit Office figures which showed England schools faced an eight per cent real-terms cut per pupil by 2019-20 because it  wider cost pressures.
  In a statement, London Councils said: "At a time when UK schools are seen as underperforming by international standards, and when businesses based in London are facing massive uncertainty about recruiting skilled staff, there is an urgent need to invest in schools in London and across the rest of the country."
  It added: "Without the right qualifications and skills, London's children will be unable to access jobs and contribute to the national economy. Over 60% of jobs in inner London require a degree and around 45% of jobs in the rest of the capital require a degree."