Cities Push for Financial Autonomy and Borrowing Powers in London
What happened
Business leaders are urging John Healey to grant Lord Khan new financial powers for London. They specifically appealed for the City of London to retain more of the business rates raised in the capital. They also argued that the Mayor of London should be empowered to borrow against future revenue from transport schemes.
From aol.co.uk
Why it matters
The push aims to kick-start funding for major London transport projects, such as the Bakerloo line extension and West London Orbital, which could create thousands of jobs and new homes. Proponents argue that allowing local retention of tax revenue will drive growth and improve public service delivery.
From aol.co.uk
Who's involved
- John HealeyBritish politician urging the granting of new financial powers to London
- khanThe official being urged to grant new financial powers and control over local tax revenues
- City of LondonThe city whose business rates retention is being sought by business chiefs
- Confederation of British IndustryA business organization whose members are calling for greater devolution of financial powers
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- Department for TransportSpeculative
The Department for Transport might face changes to its central regulatory and funding authority due to the push for autonomy
- Confederation of British IndustrySpeculative
The Confederation of British Industry could benefit from increased business growth and infrastructure funding
- HM TreasurySpeculative
HM Treasury may see a reduction in central fiscal control and revenue streams
Possible ripples
Who this could reach next, traced step by step from the reporting. Possibilities worth considering, not forecasts.- Cities' push for autonomy may reshape transport funding and regulationDfT's central role in transport funding may shift as cities seek greater financial autonomyPossible
- City financial autonomy may boost business growth for CBIIncreased local funding and borrowing powers could boost business growth for CBI membersPossible
- Greater financial autonomy may reduce HM Treasury's central fiscal controlGreater financial autonomy may reduce HM Treasury's central fiscal controlPossible
- Greater London Authority may gain new financial powersThe Greater London Authority may gain new financial powers to fund major transport and housing projectsPossible
Keep exploring
The entities involved
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Manchester
city in Greater Manchester, England
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London
capital and largest city of England and the United Kingdom
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John Healey
British politician (born 1960)