Key facts
- £285 million in new funding will be allocated to local leaders.
- The funding is part of a new "Good Growth" scheme.
- The initiative aims to reduce reliance on central government funding.
- Projects can focus on housing, high streets, and transport.
- A £1.5 billion borrowing facility is planned from 2028.
Prime Minister Andy Burnham's government is set to provide local leaders with greater control over £285 million to stimulate economic growth across England. The funding, to be distributed through a new "Good Growth" scheme, aims to empower local authorities to invest in housing, high streets, and transport without needing direct approval from Westminster. This initiative seeks to reduce the dependency on fragmented central government funding streams. Chancellor John Healey will formally announce these plans in the upcoming Budget. The government also intends to establish a £1.5 billion borrowing facility for mayors from 2028 to support major local projects. London Mayor Sadiq Khan has welcomed the move, highlighting its potential to facilitate significant infrastructure development.