My Lords, this instrument implements a 2016 commitment to extend the borrowing powers of mayoral combined authorities. As the Minister noted, it reflects devolution deals agreed with the Government for North of Tyne, South Yorkshire and West Yorkshire.
During the debate in the other place, the Minister said that this is
“another important step towards empowering mayoral combined authorities to invest in the right infrastructure while giving local leaders the tools needed to stimulate local economic growth, increase productivity and seize the levelling-up opportunities available to their areas.”—[Official Report, Commons, Seventh Delegated Legislation Committee, 9/3/22; col. 3.]
Labour colleagues in the other place welcomed the instrument and reminded the Government that Labour mayors had indeed been calling for this change.
I politely and respectfully ask that the Minister recommends to his colleagues in the Department for Education that they trust the judgments of the MCAs when finalising the skills Bill that is about to return to your Lordships’ House.
I have two short questions for the Minister on this business. Do the Government intend to extend these borrowing powers in further devolution deals? What steps will they take to monitor levels of borrowing?