UPDATE: 2.38pm

Daniel Morgan's brother Alastair branded the award “shabby” this afternoon.

He said: “I find the sum insulting as it does not scratch the surface of my own loss of earnings over the last 27 years, as I had to go freelance to have time to undertake the work.

"Nor does it cover the suffering and stress endured by me and my family.”

UPDATE: 10.42am

THE family of a Cwmbran private investigator who was found murdered in London pub is to be paid £50,000 after London mayor Boris Johnson was left impressed by the "immense effort" the family have made to seek the truth over the "wrongful death of Daniel Morgan".

The Greater London Authority (GLA) made the decision to provide the money in recognition of the efforts of the family of Mr Morgan in” bringing to light the failings of the Metropolitan Police Service” following his murder in 1987.

In the mayoral decision form, the GLA said that the sum was also in recognition of the family’s “detriment which they have suffered in pursuing this matter”.

Mr Morgan, was found with an axe in his head in a pub car park in south-east London, and since then his family has campaigned in the hope of finding the person responsible for his death.

In announcing an inquiry into the circumstances of Mr Morgan’s murder and subsequent police conduct in the House of Commons on 10 May, 2013, the Home Secretary said: “It is one of the country’s most notorious unsolved murder cases. After numerous separate police investigations into the case between 1987 and 2002, the Crown Prosecution Service discontinued the final attempted prosecution against five suspects in 2011.”

The Metropolitan Police have indicated that there is no likelihood of any successful prosecutions being brought in the foreseeable future.

They have also admitted that police corruption was a “debilitating factor” in the original investigation.

There has now been a creation of a Daniel Morgan Independent Panel, whose remit is to shine a light on the circumstances of Mr Morgan’s murder, its background and the handling of the case.

The Panel will seek to address the questions arising, including those relating to police involvement in the murder and the role played by police corruption in protecting those responsible for the murder from being brought to justice and the failure to confront that corruption.

The Metropolitan Police Service’s failings have been acknowledged by the Metropolitan Police Service, which, through its Acting Commissioner, apologised to the family in 2011.

A spokesman for the Mayor of London Boris Johnson, said that the Mayor recently met Alastair Morgan and was "impressed by the immense effort that he and his family have put into their 27-year quest to seek out the truth over the wrongful death of Daniel Morgan.

"The value of the Morgan family’s efforts has delivered broader social development to London in highlighting past police failings and the need for police accountability to an extent would not have happened had they not undertake their tireless campaign.

"This payment by the Greater London Authority is exceptional, recognising the toll exacted on the family in pursing these matters and the resulting public benefit of this work."

a Metropolitan Police spokesman added it was "deeply regrettable" that as yet no one has been brought to justice for Daniel Morgan's murder.

He said: "The re-investigation that started in March 2006 made the greatest steps to date to get justice for Daniel Morgan and his family.

"What is important is the timing as to when this murder is re-investigated, and by whom.

The Independent Panel, set up by the Home Secretary, must be allowed to continue to do their work in order to answer the questions that the Morgan family have asked. The Panel's terms of reference are to shine a light on the circumstances of Daniel Morgan's murder and the role that police corruption in the original investigation played.

"We want to see justice for Daniel Morgan's family."