Healey's Budget is to hand England's mayors a £1.5bn borrowing facility as Burnham vows an end to going 'cap in hand'
The borrowing facility will not open until 2028 and its design will be worked out alongside mayors over the coming two years. In the interim, Chancellor John Healey will distribute £285m of 'good growth' seed funding next year. A further £150m will go towards building local expertise, reflecting Treasury concern that some councils are not ready to manage larger budgets. Prime Minister Andy Burnham said the old system was 'no way to run a country'.
Wednesday's Budget will also add over £1bn for social housing, pushing the programme past £40bn.
Healey claims potential has gone 'untapped and wasted' while Westminster hoarded money and power.
Areas without strategic authority status will still get a share during a 'transitional period'.
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