Agenda item

The Cabinet considered a report of the Chief Executive which sought consent to the making of regulations by central government to provide the new mayoral combined authority, NECA, with borrowing powers in line with the agreed devolution deal and the scheme which was subject to public consultation (for copy of report, see file of minutes).

In moving the report, the Leader of the Council explained that securing borrowing powers for non-transport functions was an important step to enable NECA to discharge its functions and deliver on its visions, policies, and priorities. The intention for NECA to have such powers was set out in agreed scheme and had been subject to public consultation. The required regulations were due to be laid before Parliament in early July, however, the calling of the UK Parliamentary General Election meant that initial timescale was no longer achievable. It was important for each constituent authority to have the necessary consents in place so that the regulations could be progressed once Parliament had reconvened following the election.

Councillor R Bell, Deputy Leader of the Council and Portfolio Holder for Finance seconded the recommendations.

Resolved:

That the recommendations in the report be approved.