The Budget needed more ambition, but I'll make the most of its opportunities

There was plenty in last week’s Budget I disagreed with. Most importantly, it failed to answer the big questions about how we get our economy moving again and tackle the systemic challenges that have held back growth. 

The Chancellor pointed to devolution and Mayors as drivers of this country's growth. I agree, but to deliver, Mayors need not just the powers but also the funding and investment to make it work.  

Peterborough is one of the country's fasted growing cities. But to continue its momentum and make it sustainable, it needs investment and further regeneration. Devolution, done well, will allow me to go faster with this agenda. 

My key ask to Government in any Budget is always fairer funding for places in the East like Peterborough. We’ve been chronically underfunded for decades. If we are serious about sustaining our economic success and delivering prosperity for everyone, that must change – and it must change urgently. 

Part of that lies in fiscal devolution – in other words allowing regions like Peterborough and Cambridgeshire to keep a bigger share of the tax we generate locally.  

The Chancellor confirmed in his Budget that from 2027, mayoral strategic authorities like mine will see a share of locally retained business rates, with full retention planned for the end of the decade.  Income tax retention is due to start from 2028.  

It’s welcome, but that won’t suddenly mean more cash to spend locally, because it will just replace some funding we already get. But the policy can be successful longer term if it incentivises mayors to grow their local economies by enabling us to retain a share of that growth. We can then reinvest back into our communities through better infrastructure, so that a growing local economy really does translate into benefits on the ground.  

The Budget also set out a £285 million Good Growth Fund with £11 million to our region, which is welcome. But more important was the announcement of borrowing powers for mayoral strategic authorities. If implemented effectively, they could give us greater scope to deliver long-term, infrastructure-led development. Too often, the places that generate economic growth are left having to beg Whitehall for the investment needed to keep pace with it.  Again, the detail will be important.

Last week I was confirmed as Chair of the A47 Alliance – the cross-border campaign group lobbying to dual the A47 from the A1 through to Lowestoft in Suffolk. And the A47 is a case in point on underinvestment. For years this road has cost our economy, and requires more investment, particularly between Peterborough and Wisbech. Better connections support economic development in our city and the Fens, improving access to jobs and services, and help communities beyond the main urban centres share in regional growth. 

Devolution needs more than new powers: it requires reliable, long-term funding to grow the economy, improve infrastructure and create jobs and opportunities for local people. I’ll use every opportunity the Budget provides to deliver those benefits.