UK Chancellor John Healey will announce a significant devolution package in his first budget next week, including a 1.5 billion pound borrowing facility for regional mayors. The plan aims to boost economic growth by giving local leaders more spending power and autonomy, moving away from a centralized approach to funding projects.
The devolution package aims to empower local leaders with greater financial control and decision-making power, potentially stimulating regional economic growth and addressing local needs more effectively.
UK Chancellor John Healey is set to unveil a significant devolution package in his first budget next week, aiming to boost regional economic growth. The plan includes a new 1.5 billion pound borrowing facility for mayors, designed to give them more autonomy and reduce reliance on central government approval for projects. This initiative, developed in collaboration with local leaders, also features an initial 285 million pound 'good growth' fund for local priorities and 150 million pounds to enhance local authority capacity. Starting in 2028, a new system will allow local areas to retain some income tax revenue, providing longer-term financial security.
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