HM Treasury is proposing earlier coordination between national investment bodies and local authorities to help regions shape fundable projects as the government pushes economic decisions closer to communities.
The offer forms part of Rewiring the State, a government program to give local leaders a larger role in economic decision-making and strengthen the institutions serving their areas. The paper links the proposal to decades of centralized economic power and gaps in local capacity.
HM Treasury published the 21-page policy paper Oct. 28. It covers English Mayoral Strategic Authorities and other places, and outlines how public financial institutions, investment bodies, the National Infrastructure and Service Transformation Authority (NISTA) and the Office for Investment could support local priorities.
The document proposes a more accessible path to public finance, coordinated specialist support for developing project pipelines and assistance adapted to local needs. Participating institutions may use their financing, investment and guarantee capabilities to encourage private funders to join projects. The paper says they will maintain standards covering additionality, value for money and deliverability.
NISTA is looking to establish an Investment Readiness Pool for Strategic Authorities and other places with regionally significant projects and programs. The pool would connect them with specialists in finance, consulting, law and technical project delivery. Strategic Authorities would build permanent teams, with the proposed pool operating through 2027/28 and into 2028/29 as those teams take shape.
The paper says communities could benefit from investment, jobs, homes, infrastructure and business growth. It also points to work already under way: Great British Energy has signed memorandums of understanding with 11 Strategic Authorities and is working with them to develop project pipelines.
The government will work with places to determine how the proposed support will operate in practice.