Tuesday 02 June 2026 5:31 am  |  Updated:  Monday 01 June 2026 10:54 am

Regional bond revolution risks making Britain more unequal and less prudent

By: Tim Focas

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If Andy Burnham wants a municipal bond revolution, he must first build the fiscal architecture to make it sustainable, says Tim Focas

Few politicians have done more to advance the cause of English devolution than Andy Burnham. The Labour leadership front runner has become the poster child for what happens when local leaders are given the power and freedom to shape their own destiny. But let’s be absolutely clear, from George Osborne’s Northan Powerhouse to Boris Johnson’s “levelling up” agenda, all devolution initiatives over the past two decades have had a dependence on Westminster to hand over the money.

It is therefore unsurprising that a growing number of voices are calling for the next stage of devolution which would allow mayors and regional authorities to issue municipal bonds and raise capital directly from institutional investors. Sounds sensible right? I mean, why should every local infrastructure project require ministers and treasury officials in London to sign off funding? And why shouldn’t ambitious........

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