Grants from central government will be replaced by a share of local income tax for every mayoral strategic authority from 2028

In his first speech as chancellor, John Healey pledged to set out a roadmap to fiscal devolution in the Budget on 28th October that will result in a “permanent transfer of power and resources from Whitehall to our regions”.   While London is the country's powerhouse, he said, "If our city regions could emulate the success of those in France or Germany, growth in our country would be transformed."