“Fiscal credibility is the bedrock of economic stability and national security,” said the chancellor in the letter. “That is why we will abide by the fiscal rules, ensuring we retain a buffer to protect us against uncertainty and the impact of instability in the Middle East.”
Healey also pledged the budget will move “money and power out of Westminster, and into every postcode around Britain.”
Burnham announced today that local English mayors will be given powers to retain and spend business rate taxes to boost growth in their regions.
The prime minister said mayors will soon have power over income taxes, but Healey will unveil a whitepaper and a “roadmap” on the topic at the autumn budget.