Draft Combined Authorities (Borrowing) Regulations 2022

Mike Amesbury Excerpts

Wednesday 9th March 2022 General Committees

[Mike Amesbury (Weaver Vale) (Lab)]

It is always a pleasure to serve under your chairmanship, Mr Pritchard.

I thank the Minister for his thorough and detailed explanation of this draft statutory instrument. I am sure that hon. Members in Committee will be pleased to know that we will not oppose it. It is something that each combined authority has been calling for; I spoke with Mayor Tracy Brabin, for example, and her office has been calling for it for some considerable time. As the Minister outlined correctly, the commitment was made some time ago by a former Chancellor. The flexibility to regenerate and invest in a broader range of opportunities—whether housing, transport or other infrastructure that we would all like to see developed in our communities—is most welcome.

I spoke briefly to the Minister earlier, before the Committee sat, and told him that I would ask a couple of questions. I do not expect an immediate answer; a reply in writing would be satisfactory and helpful. Clearly, some local authorities have made investments that they thought were sound, but turned out to be risky. Surrey County Council, for example, made a number of investments in shopping centres right across the country, but they resulted in a £50 million bill, or deficit, for its locality. It is not the only local authority to have done that, up and down the country.

How will the Department, working with combined authorities, ensure that the check and balance is there as devolution expands rapidly—I hope—right across England? Is there the scrutiny to ensure that the taxpayer gets maximum bang for their buck, so to speak, and the assurance that strong checks and balances are in place and investments are sound? As I say, I do not expect an immediate answer, but I would like some correspondence from the Minister and his Department.