00:00As a Treasury Minister in the last Labour government, I was proud to help create the regional development agencies.
00:06They delivered economic growth, local regeneration before they were axed in 2010 by the Tory-Libdem coalition.
00:14But there is a further step, there is a further step we never took.
00:20The most radical act of devolution in a generation, the devolution of tax revenues.
00:26That is the step I take today.
00:28Alongside this budget, a roadmap for fiscal devolution.
00:33For the first time, I am making the commitment that 100% of business rates will be retained locally by
00:41the end of the decade.
00:42So if local leaders help businesses to start and grow, more of the rates they pay will stay in that
00:49area.
00:50From next year, 20% of business rates revenues will go to mayors.
00:54And from 2028, a share of income tax receipts will go to mayors as well.
01:01Also from 2028, mayors and other strategic authorities will have new powers to introduce an overnight visitors levy.
01:09Taken together, these are long-term funding streams.
01:14They can be used to back investment into big local infrastructure.
01:19So that more of the money that is raised locally can be invested and spent locally.
01:24Thank you very much.
01:25Thank you, Eric.
01:25Thank you, everyone.