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Mayors to gain more spending power under Reeves tax plans
Chancellor Reeves plans to share a portion of existing income tax revenue with regional mayors to boost local investment and economic growth, focusing on areas with high potential.
- On Tuesday, Chancellor Rachel Reeves announced plans to grant regional mayors control over a portion of income tax revenue, shifting decision-making away from Westminster to boost local investment and services.
- The Chancellor also detailed 'city investment funds' backed by £2.3 billion in funding, targeting northern England and the West Midlands with a commitment to retain business rates.
- Reeves announced a £2.5 billion investment in quantum computing and artificial intelligence to create 100,000 UK jobs, seeking to stop British technology firms from 'drifting abroad' to make money.
- During Monday's Mais Lecture, Reeves argued Britain should align with European rules 'where alignment is in the national interest,' warning the country risks being 'stranded' without closer ties to Brussels.
- The Conservatives criticized the government for 'blaming anyone but themselves for their economic failures' and 'wanting to row back on Brexit,' while questions persist over practical implementation and funding distribution.
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16 Articles
Rachel Reeves: mayors could be given share of income tax in fiscal devolution plans
A proportion of income tax raised in the North could be directly allocated to mayors and regional leaders, Rachel Reeves has said, as she revealed plans for greater fiscal devolution.
·Leeds, United Kingdom
Read Full Article+4 Reposted by 4 other sources
Rachel Reeves sets out plans to hand mayors a share of tax revenue
The Chancellor hopes the plan will help drive economic growth in regions across the country.
·London, United Kingdom
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Total News Sources16
Leaning Left3Leaning Right2Center6Last UpdatedBias Distribution55% Center
Bias Distribution
- 55% of the sources are Center
55% Center
L 27%
C 55%
R 18%
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