North of Tyne Mayor Jamie Driscoll wants to borrow £500m., he has told a Labour Party conference.
Labour List reports that Driscoll argued at the English Labour Network conference that ‘fiscal devolution is the route we have to take’.
If North of Tyne was allowed to borrow £500m it could create 14,000 jobs and would pay for itself, said Driscoll. That was why he was in favour of devolution to the ‘level of the functional economic area”.
Shadow cabinet office minister Rachel Reeves, who chaired the conference, said the constitutional commission announced by Labour Party leader Keir Starmer in December, with a remit including tax-raising powers, would work with people from other parties:
‘Lasting change is achieved when you can bring people together from across the political spectrum…So we want to work with people in other political parties, who also recognise that the current devolution settlement is not fit for purpose, and work together to build something that is stronger and more endurable.’