The Greater London Authority (GLA) will release a transport strategy by the end of the year, after Philip Hammond announced that mayor Sadiq Khan would be given further devolved powers in today's budget.
The Mayor's Transport Strategy is expected to address the city's congestion challenges.
The GLA said the strategy would be informed by consultations with London businesses, authorities and the government.
The governing body will also commission an independent study on the key causes of congestion in the capital in the last five years.
According to the memorandum of understanding signed by Sadiq Khan and Philip Hammond, it will focus on bottlenecks and identifying priority actions that could improve journey times.
Hammond announced that, as of next month, the GLA will also be responsible for TfL's investment grant - a responsibility previously held by the DfT.
The government is expected to examine options for giving London more power and flexibility over the administration of business rates in the city.
Khan said he was pleased that the chancellor had handed London more control as it is “vital if we are to protect jobs and investment in the aftermath of Brexit”.
He said: “London has a bigger population than Wales and Scotland combined, but we have far less control over how taxes are spent and public services are run.
“Giving London the ability to invest more in building crucial new infrastructure and devolving control of business rates will help increase economic growth and improve productivity," he said.
However Khan added: “Businesses across the capital still face a clear and present danger to their future as a result of business rate increases despite the proposals outlined by the chancellor today.”
