The Budget gives City Hall new fiscal powers expected to raise its borrowing capacity by about £10bn, AOL reports. This is the first confirmed detail of the devolution plans trailed before the Chancellor, John Healey, delivered his statement.
According to AOL, the powers would let the Mayor of London, Sadiq Khan, approve schemes such as the Bakerloo line extension and the West London Orbital. Healey also backed a tax increment financing scheme for a new Euston station.
Cross-Channel trains will stop at Stratford International, AOL and Brit Brief report.
Khan welcomed the package in a statement on the Budget.
"At its heart is a new devolution revolution."
Before the statement, the Yorkshire Post reported that mayors would be able to spend a share of the income tax and business rates raised in their areas. Reports so far do not say which taxes London's new powers cover, or what share London or other mayors will keep. The £10bn is an expected increase and has not been independently checked.