Chancellor John Healey will use his first Budget on Wednesday to unveil a large devolution package for England, including a new £1.5bn borrowing facility for regional mayors, The Guardian reports.
The facility is to be designed with mayors over the next two years. The package also includes £285m of initial "good growth" funding next year for local priorities such as housing, transport and town centres, plus £150m to help councils build the expertise to manage bigger budgets.
The growth funding is meant to bridge the gap until 2028, when areas are due to start receiving a share of income tax raised locally. Prime Minister Andy Burnham, a former Greater Manchester mayor, said local leaders should no longer have to go to Westminster for approval of each project. The Budget is also expected to include help with energy bills and modest tax rises, including on banks.
Source: The Guardian
