New prime minister Theresa May has been urged to give new regional mayors more borrowing and taxation powers, and lift borrowing rates for councils, by the Chartered Institute of Public Finance and Accountancy (CIPFA).
The accountancy body has outlined six public finance priorities for Ms May including the acceleration of the devolution agenda and further powers for mayors to reorganise local government.
It also wants councils to have the freedom to build new homes against future rent receipts through prudential borrowing, and for money to be invested in prevention and early intervention.
Rob Whiteman, CIPFA chief executive, said: ‘I warmly welcome the Rt Hon Theresa May MP as the new Prime Minister. As I know form my own direct experience, she is a politician of sound judgement, great integrity and has the foresight needed for the many challenges she faces.
’On behalf of the public finance profession, CIPFA proposes six priorities to use public money to boost economic growth and improve the lives of millions of people.’
The other recommendations were reform of HM Treasury, maintain British commitment to international development and boosting NHS funding while also tackling its inefficiencies.
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