U.K. Should Devolve More Fiscal Power to Cities, Report Says

Britain should devolve more fiscal power to its cities as it has pledged to do with Scotland, according to a report by ResPublica that uses Manchester as a blueprint for change.

The report comes days before Scots votes on whether to leave the U.K., with the latest polls indicating the referendum result is too close to call. London-based ResPublica recommended changes to control over taxes and public spending and said that “Greater Manchester should have what Scotland wants.”

The report proposes a road map for devolution from the government in London. It involves creating a directly elected mayor in Manchester and a local assembly that would get power over property and income taxes. The assembly would also have the power to reinvest savings and proceeds locally.

“This is a blueprint for independence for cities in England,” said Phillip Blond, one of the authors of the report. “For decades we’ve watched England’s cities sliding into decline. This is why England needs devolution.”

Before it's here, it's on the Bloomberg Terminal.