- Chancellor John Healey has announced plans in the Budget to devolve business rates and income tax revenues to regional leaders in England.
- An initial £285 million is being allocated to give mayors and local leaders greater power to invest directly in local infrastructure projects.
- The new tax powers will enable London Mayor Lord Sadiq Khan to advance major transport links, including the Bakerloo line extension to Lewisham.
- Outside the capital, £1.5 billion in devolved loans will support regional schemes such as the Black Country Metro and the reopening of Doncaster Airport.
- Local administrations will retain all business rates by 2030, with the Treasury aiming to achieve full devolution coverage across England by 2028.
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