Key facts
- Britain will assess public investment projects together in the same area, rather than individually.
- The changes to the "Green Book" framework for public spending will be announced in the budget on October 28.
- The reforms will allow local and regional authorities to bundle projects like housing and transport into a single "place-based" case.
- The Green Book's headline discount rate will be cut to 3% from 3.5%.
Britain is revamping its rules for assessing public investment projects, aiming to better support overlooked regions. Prime Minister Andy Burnham announced on Thursday that projects in the same local area will now be assessed collectively rather than individually. These changes to the "Green Book", the government's framework for public spending appraisals, are set to be detailed in finance minister John Healey's budget on October 28. The reforms will enable local and regional authorities to combine projects, such as housing and transport initiatives, into a single "place-based" proposal. Burnham stated that outdated rules have hindered communities for years by failing to properly address their potential. The reforms also include cutting the Green Book's headline discount rate to 3% from 3.5%, making long-term infrastructure projects in less productive regions more likely to pass Treasury appraisal. Healey's budget will further include a roadmap for fiscal devolution, granting regional leaders control over a portion of national taxes.