Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps she has taken to increase economic growth in cities outside of London.
We have made clear the importance of investing in major city regions outside London and the South East - bringing the productivity of major city regions like Greater Manchester, the West Midlands, and West Yorkshire just to the national average would deliver an extra £33bn in economic output.
The government revealed at Autumn Budget an over £100 billion increase in departmental capital investment over the next five years compared to plans the government inherited.
We have also announced: a new approach to regional investment between the OFI and the NWF; the launch of a review into the Green Book and its application to supporting place-based objectives; the launch of a taskforce on devolution in Greater Manchester to then be rolled out elsewhere; and put £240m towards 16 trailblazers, including one in every MCA, to tackle the root causes of inactivity.
We have committed to funding for local leaders to unleash their areas’ untapped potential with over £1 billion for the North to improve the transport services people use every day – backing regional mayors and ensuring decisions about the North sit with those who call it home. This comes alongside £270 million investment in bus services and £330 million in road maintenance across the North.
From the start of the next financial year (2025-26) Greater Manchester Combined Authority (GMCA) will receive integrated funding settlements worth over £630m. This will give the Mayor meaningful control over funding and improve the fragmented funding landscape for Mayoral Combined Authorities (MCAs) with a flexible single pot, empowering them to drive local growth and invest in local priorities.
Trafford Council will also receive the +2.5% bespoke additional council tax referendum principles agreed to in their 2025-26 settlement.
Further, in recognition of Barrow’s vital role in upholding our national security, the town will receive £200m of government investment through the Barrow Transformation Fund.