Healey’s first budget to include big devolution package to boost growth
Summary
Chancellor John Healey plans to announce a devolution package in next week’s budget to give English regional leaders more control over spending and projects intended to support growth. It includes borrowing capacity, initial funding for local priorities and support to help local authorities manage larger budgets.Key Facts
- The plan includes a £1.5bn borrowing facility to be developed with mayors over the next two years.
- Local leaders are set to receive £285m in “good growth” funding next year for priorities such as housing, transport and high street regeneration.
- The government will provide £150m to help local authorities build the skills and capacity to manage larger budgets.
- The £285m is intended as interim funding before a system planned for 2028 that would give some income tax revenue directly to local areas.
- The government is expected to provide more details at the budget about how local areas could retain some extra revenue generated by economic growth.
- New guidance will let officials assess related projects together, such as housing and transport schemes, when considering public funding.
- A government white paper on “rewiring the state” is due after the budget and will describe plans to reshape the civil service as more powers move from central government.
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