England plans £1.5 billion borrowing facility for mayors
Britain’s government plans to give English mayors a £1.5 billion borrowing facility and new seed funding for locally chosen growth projects.
By TomorrowNews · AI-assisted briefing · Briefing published 25 October 2026
AI-generated illustration — not a photograph of the event. Conceptual editorial rendering, not documentary evidence. · TomorrowNews / AI-generated illustration
The measures are due in next week’s budget and include £285 million for a new Good Growth scheme. The government says local leaders could use the money for housing, high streets and transport without repeatedly applying to central funding pots.
Strategic authorities are also set to receive £150 million next year to build staff and expertise as they take on larger budgets. The borrowing facility will be designed with mayors.
Go to the source
This is an original summary, not a republication of the full report.
