00:00From next year, 20% of business rates revenues will go to mayors.
00:04And from 2028, a share of income tax receipts will go to mayors as well.
00:10Also from 2028, mayors and other strategic authorities will have new powers to introduce an overnight visitors levy.
00:19Taken together, these are long-term funding streams.
00:24They can be used to back investment into big local infrastructure.
00:28So that more of the money that is raised locally can be invested and spent locally.
00:34Spent on projects like the Trent Sports District, led by the Mayor of the East Midlands, and the Bakerloo Line
00:40Extension, led by the Mayor of London.
