At about 1.4 it's still pretty low compared to American cities. It's also not really "getting up there" as it appears to be on a relative decline lately.
The stats you link to a meaningless. The city of London don't set the budget for their police. That is a matter handled by the British goverment and according to them they've been decreasing it for 8-years straight.
> When compared with the previous year, overall funding for policing (including any in-year adjustments) for the financial year ending March 2023 will increase by 2.8% in real terms. This will be the eighth consecutive year in which policing funding has increased in real terms
