The measures include £285 million 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
International News via Reuters:
British finance minister John Healey will use next week’s budget to hand mayors in England new funding and powers, including a £1.5 billion ($2 billion) borrowing facility, as part of plans to move economic decision-making out of Westminster.
The measures include £285 million 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.
“I’m calling time on local leaders going cap in hand to Westminster. That is no way to run a country,” said Prime Minister Andy Burnham.
Here are the key points:
• The Good Growth funding is designed to reduce local leaders’ reliance on fragmented bidding pots from central government
• The funds can be used for housing, regenerating high streets and improving transport links
• The government will work with mayors to design the £1.5 billion borrowing facility, which it said would give them access to capital to back local growth projects
• Strategic authorities will receive a further £150 million next year to build up staff and expertise as they take on bigger budgets
($1 = 0.7478 pounds)
Reporting by Andy Bruce; editing by Suban Abdulla
