A thinktank has issued a warning that England’s regional mayors require stronger oversight mechanisms as the government prepares to transfer significant financial powers away from Whitehall. The proposed changes, which are expected to be detailed by ministers next month, represent a shift toward regional devolution. Under the plan, mayors would gain the authority to retain a portion of income tax generated within their jurisdictions starting in 2028, alongside the ability to keep business rates from 2027. Additionally, mayors may be granted the power to raise funds through new measures, such as a tourist tax.

The report argues that this expansion of power is necessary for regional growth but carries risks. It suggests that without robust accountability, the devolution agenda—often associated with figures like Greater Manchester Mayor Andy Burnham—could be jeopardized by a single poor policy decision or administrative failure. The thinktank emphasizes that as mayors gain the capacity to borrow for large-scale infrastructure projects, the potential impact of their decisions on local economies increases significantly. While the government frames this shift as a 'transformational' move to empower local leaders, the report highlights the need for a corresponding increase in transparency and checks on mayoral authority to ensure public funds are managed effectively.