Today, Andy Burnham announced that he will give regional mayors, including those of Manchester and Birmingham, a share of income tax revenue to give them more control over their own budgets and spending powers.
Burnham will also allow mayors of strategic authorities to retain some of the business rates collected in their areas and gain greater control over services such as housing, transport, and skills, increasing investment in these areas.
It marks the first major shift in power from the central government to regional areas and could provide a boost to underfunded departments within local authorities.
It also signals the start of Burnham’s pledge to transfer more power from Whitehall to regional cities in the UK, and supports his ethos of devolution during his term as Prime Minister of the United Kingdom.
For investors seeking long-term growth and strong rental demand, Manchester and Birmingham continue to stand out as some of the strongest locations in the UK. To learn more about investment opportunities in these cities, contact Select Property today.