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Chancellor John Healey to announce regional borrowing power in budget

Chancellor John Healey will include a £1.5bn borrowing facility for regional mayors in his upcoming budget to boost economic growth across England.

FTMQ News, written by our newsroom24 October 2026 at 22:500 views

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Picture: The Guardian

Chancellor John Healey will announce a regional devolution package in his budget statement on Wednesday, The Guardian reported. Prime Minister Andy Burnham promised that local leaders in England will no longer need to come cap in hand to Westminster. [1][4]

The Guardian reported that the budget will feature plans for a new £1.5bn borrowing facility. The scheme will be drawn up in collaboration with regional mayors over the next two years to help address complaints about limited borrowing powers. [1]

As FTMQ News reported earlier, Prime Minister Andy Burnham has led the government since July 2026. He formed a ministry on 20 July 2026 after King Charles III invited him to form a government following the resignation of Keir Starmer. [2][4]

,The upcoming financial plans follow warnings from the International Monetary Fund, as FTMQ News reported earlier. The fund upgraded the growth forecast for the United Kingdom for 2026 to 1.3 percent but advised Healey to stay the course on public finances and avoid higher spending. [3]

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In short

Chancellor John Healey will present his budget statement on Wednesday.
The budget will introduce a £1.5bn regional borrowing facility over the next two years.
Andy Burnham became Prime Minister in July 2026.
The IMF upgraded the 2026 UK growth forecast to 1.3 percent.

Sources

Every paragraph above points to the numbered items it rests on. Read the originals here.

[1]Healey’s first budget to include big devolution package to boost growthThe Guardian, 1h ago (the report this story comes from)

Background

[2]Burnham ministry on Wikipedia
[3]IMF upgrades United Kingdom growth forecast ahead of budget FTMQ News, 11d ago
[4]Marks and Spencer chief urges Chancellor John Healey to cut business taxes FTMQ News, 14d ago

Our newsroom writes these reports with the help of software, from the 4 sources listed and nothing else, and checks them against those sources. Facts can still be wrong or move on; the originals are the record. Spotted a mistake? Write to daniel@monsterkong.com.

Earlier reports of ours on the same people and subjects.

Chancellor John Healey backs Heathrow third runway despite Prime Minister hesitationTop Stories, 7d ago
Marks and Spencer chief urges Chancellor John Healey to cut business taxesTop Stories, 14d ago
UK national debt reaches three trillion pounds as inflation risesTop Stories, 3d ago
UK chancellor to announce seven million pound fund for Northern Olympics bidTop Stories, 7h ago
Kemi Badenoch warns John Healey over upcoming budget economic damageTop Stories, 4d ago

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