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English mayors will get new borrowing powers in Wednesday's Budget as Burnham vows an end to going 'cap in hand'

English mayors will get new borrowing powers in Wednesday's Budget as Burnham vows an end to going 'cap in hand'

The £1.5bn borrowing facility will not start until 2028, and Chancellor John Healey is to design it with the mayors themselves. First comes £285m of seed cash next year, replacing Whitehall's 'fragmented bidding pots'. The Treasury doubts some councils can manage bigger budgets, so another £150m will go on helping them build expertise. Areas without strategic authority status will still get a share of the money.

The Budget is also expected to add more than £1bn for social and affordable housing.

Councils will get cheaper government loans to fund housebuilding through preferential interest rates.

Healey says English regions' potential has gone 'untapped and wasted' while Westminster hoarded the money.

MoreBBC NewsBudget to include £1bn for social and affordable housingEvening StandardBudget to increase cash for social housing and give England’s mayors more powersLBCBudget to grant extra funding for England's mayors and regional leaders to make most of 'wasted' potentialReutersUK budget set to hand English mayors new borrowing powers, growth fundingThe GuardianHealey’s first budget to include big devolution package to boost growthThe IndependentEnglish mayors to get new powers and more funding to boost regional growthBBC News - BusinessSmall businesses in West Midlands urge chancellor to ease pressure in BudgetBBC News - BusinessFirms 'holding back' on new jobs ahead of BudgetDaily MailChancellor set for extra £70bn borrowing bingeBBC News - BusinessBudget 2026: No more fat to trim for 'squeezed middle'BBC News - BusinessFour ways Labour could raise money in the Budget without hiking income taxDaily Mail NewsBudget will unveil £70billion borrowing to pay welfare bill, city experts warns
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