MANCHESTER: British Finance Minister John Healey will use this week’s budget to hand mayors in England new funding and powers, including a £1.5bil (US$2bil) borrowing facility, as part of plans to move economic decision-making out of Westminster.
The measures include £285mil of seed funding next year under a new “Good Growth” scheme, which the Finance Ministry said would let local leaders invest in their own growth priorities without seeking permission from central government.
Among the key points are the Good Growth funding is designed to reduce local leaders’ reliance on fragmented bidding pots from central government; and the funds can be used for housing, regenerating high streets and improving transport links.
The government will work with mayors to design the £1.5bil borrowing facility, which it said would give them access to capital to back local growth projects; and strategic authorities will receive a further £150mil next year. — Reuters
