STORY
The Prime Minister has announced plans to give mayors a share of income tax revenues as part of what the Government described as the largest transfer of power from Westminster in a generation. The proposal is intended to give regional leaders greater control over spending decisions affecting jobs, transport, housing and public services.
Under the plans, mayoral authorities would receive new fiscal powers alongside existing devolved budgets. The Government said the arrangements would allow areas to retain a direct financial interest in economic growth and use additional resources according to local priorities.
Further details will be required on the size of the income tax share, the distribution formula and the timetable for implementation. Ministers said the policy would be developed with mayors and local authorities before the new arrangements take effect.