The Chancellor, John Healey, has set out how much tax mayors will keep and when. In his Budget statement he said 20% of business rates revenue will go to mayors from next year, and a share of income tax receipts from 2028, HuffPost UK reports.
"If local leaders help businesses start and grow, more of the rates they pay stay in that area. From next year, 20% of business rates revenue will go to Mayors, And from 2028, a share of income tax receipts will go to Mayors as well"
Business Matters reports that business rates will be fully retained locally by the end of the decade.
This bears out the Yorkshire Post's pre-Budget report that mayors would be able to spend a share of the income tax and business rates raised in their areas. The size of the income tax share has not been reported.
Earlier, AOL reported that the Budget gives City Hall new fiscal powers expected to raise its borrowing capacity by about £10bn.