- Six regions set to get their own mayors through devolution will share almost £200 million every year for three decades, to build more of the 1.5 million homes promised, enhance high streets and revive their communities.
- Ministers are also considering moving some inaugural elections to 2028 so areas can finish reorganising their councils and help mayors hit the ground running.
- This marks the latest steps forward in the government’s mission to empower local leaders to transform their areas as part of the Plan for Change.
More homes, better high streets and support for small and medium businesses are all on the way as six fast-tracked devolution areas have secured a multi-billion-pound long-term funding package.
Ministers have confirmed almost £6 billion over the next 30 years, with almost £200 million to be shared each year by the places on the Devolution Priority Programme – which will see them get their own mayors.
Mayors can spend this funding flexibly on local priorities to boost their area’s economy to create lasting jobs and opportunities. It can also be used to increase housebuilding, including accelerating regional housebuilding programmes and initiatives or bringing more social and affordable homes on the market – helping achieve the government’s 1.5 million homes commitment.
Commenting, Stephen Morgan MP for Portsmouth South said:
“After 14 years of neglect under the Conservatives, I welcome this Government’s continued commitment to our community.
“Since coming into office, regeneration and investment has repeatedly been pledged towards this city by the Government, correcting previous unjust circumstances.
“Portsmouth is an amazing city that is fizzing with potential, and I am glad to see important programmes like Pride and Place and transformative investments recognising we have more to offer the country as a great city.”
Once mayors are in post, the six areas will get the 30-year Investment Funds as part of a wider package of devolved powers and funding in areas like transport, planning and skills including Hampshire and the Solent Combined County Authority with £44.6 million per year.
Regions will also receive £3m as a minimum over the next three financial years, in addition to an initial £1m payment in the coming months, to help with the costs of establishing the new mayoral authority.
