UK budget to give English mayors new borrowing powers and growth funding
English mayors will get a £285 million Good Growth fund and a £1.5 billion borrowing facility, according to Reuters reporting on the upcoming budget.
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what happened
Chancellor John Healey plans to use next week's budget to give mayors in England fresh funding and powers, including a £1.5 billion ($2 billion) borrowing facility. The aim is to shift economic decision-making away from Westminster, Reuters reported.
The finance ministry said the new Good Growth scheme will receive £285 million of seed funding next year. Local leaders could invest in their own growth priorities without asking central government for permission. The money can go toward housing, high street regeneration and transport links. Strategic authorities will also get a further £150 million next year to build staff and expertise.
why it matters
For markets this is more structural than immediate, since the sums are small relative to the national budget. It signals an attempt to decentralise investment decisions and reduce regions' reliance on competitive central bidding pots.
market impact
Pound and UK gilts: minimal effect, as the amounts are small and aimed at regional projects.
tags
instruments
sources
- UK budget set to hand English mayors new borrowing powers, growth funding — Reuters, 24 October 2026 at 21:30 UTC
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