Mayors to receive new powers to fund major transport projects
John Healey has announced new fiscal powers for mayors, including the ability to keep part of local business-rate revenue and receive a share of income-tax receipts.
Mayors will get 20% of business-rate revenue.
This starts next year.
All rates are planned to stay local.
Some income-tax money is planned from 2028.
Healey said this could help projects.
It could help the Bakerloo Line Extension.
It could help the West London Orbital.
It could help the Euston knowledge quarter.
The Bakerloo plan may extend the line.
It may go past Elephant and Castle.
It may reach Lewisham.
Stations are planned at Burgess Park.
They are planned at Old Kent Road.
They are planned at New Cross Gate.
Plans include cross-channel trains at Stratford International.
Section: London
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