Regional mayors will be handed more cash with plans to give them a slice of income tax and business rates, the Chancellor has announced.
Under a ‘roadmap to fiscal devolution’, John Healey said 20per cent of business rates will be retained locally next year – rising to 100per cent by the end of the decade.
Mayors will also receive a share of income tax from 2028-29 – and be given the power to impose an unlimited ‘overnight visitor levy’ on stays in hotels, B&Bs and holiday lets from 2028.
Mr Healey described the local retainment of tax revenues as ‘the most radical act
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