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Zero whatsoever.

Your council leader will become mayor with no election or referendum and will have ZERO new powers to what he has today. Zero.

In 2013 there will be a No vote in a referendum as to whether to keep the mayor and give them as of yet unknown new devolved powers.
 

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E = MC²
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If they have no budget raising powers it is purely a different name for the council leader. The reason why the London Mayor is so powerful is because he has the Transport for London budget and is able to improve london transport.
 

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Not only are they to get no powers over any budget that they don't have today but also no additional powers to affect any policy decisions.

Good high profile person for Whitehall to blame the local cuts on though for the next few years, then they'll quietly disappear in 2013 when all the referenda return a No.
 
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