Healey's budget reportedly to include £1.5bn devolution borrowing facility

The short version

• The Guardian reports Chancellor John Healey plans a £1.5bn borrowing facility in Wednesday's budget statement.[The Guardian]
• The package also includes £285m in initial good growth funding next year, plus £150m to help local authorities build capacity.[The Guardian]
• Andy Burnham praised the plans, saying local leaders would no longer need Treasury approval for individual projects.[The Guardian]
• The £285m is meant to bridge until a 2028 system gives some income tax revenue to local areas; support for poorer households is expected but unconfirmed.[The Guardian]

Key facts

• Healey will include a new £1.5bn borrowing facility in Wednesday's budget statement.[The Guardian]
• The borrowing facility is to be drawn up in collaboration with mayors over the next two years.[The Guardian]
• The package includes an initial £285m in good growth funding next year, for local leaders' priorities.[The Guardian]
• Healey will announce £150m of support to help local authorities scale up and build expertise, amid Treasury fears about their capacity.[The Guardian]
• Andy Burnham praised the plans, saying local leaders would no longer need Treasury approval for each individual project.[The Guardian]
• The £285m is intended to bridge local authorities until a 2028 system hands some income tax revenue directly to local areas.[The Guardian]

Sources

Outlet counts describe coverage, not independent confirmation. Reports may share a wire service or original source.

• Healey’s first budget to include big devolution package to boost growthThe Guardian - World