Budget sets out devolution plans as London housing advocates call for investment

Economy · First reported 28 Oct, 04:53 · Updated 13:00

Image: Wikimedia Commons · NASA Johnson Space Center · Public domain

John Healey’s budget outlined plans to expand mayoral powers and funding in England, while a separate argument focused on ensuring London receives support to deliver housing and growth. The reporting highlights questions about which areas may benefit, how quickly devolution could improve growth, and whether housing investment can unlock development in the capital.

Healey said mayors would receive 20% of business-rate revenues next year, with a commitment to 100% by the end of the decade; some income-tax receipts are due to be devolved in 2028.
The government said 14 existing mayoral areas were on course for enhanced deals and was in final negotiations on 10 more, while the article raised concerns that other areas could be left behind.
A London-focused commentary argues targeted public investment could help address housing viability and attract private capital, citing analysis that estimates potential for up to 38,000 build-to-rent homes in London.

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Key facts

Business rates for mayors: 20% next year; 100% by the end of the decade, according to Healey.
Income-tax devolution: A commitment to devolve some income-tax receipts to mayors in 2028.
Mayoral areas: 14 existing areas were on course for enhanced deals; negotiations were nearing completion for 10 more.
Potential London housing: The cited analysis estimates targeted intervention could help unlock up to 38,000 build-to-rent homes.