Rachel Reeves Unveils Plans for Regional Fiscal Devolution

British finance minister Rachel Reeves announced plans to devolve fiscal powers to regional leaders, aiming to boost growth and productivity. She revealed that a roadmap for future fiscal devolution, allowing regions to control select national taxes, will be disclosed during this year's budget.

British finance minister Rachel Reeves has announced an initiative aimed at decentralizing fiscal authority across the United Kingdom. The goal of this move is to enhance economic growth and productivity by empowering regional leaders with more control over taxation.

Speaking in the City of London, Reeves detailed plans that are set to be included in a roadmap for fiscal devolution. This roadmap will be made public in the upcoming budget, according to her statement on Tuesday.

Reeves emphasized that the strategy involves granting regional authorities a say in some national taxes, which she believes will stimulate local economies and distribute resources more effectively. The proposal is part of a broader effort to ensure equitable growth across different regions.

(With inputs from agencies.)