My Lords, these regulations were laid before this House on 31 January 2022. The other place approved them on 14 March 2022. If approved by this House and made, they will implement a commitment made by the then Chancellor of the Exchequer, my noble friend Lord Hammond, back in 2016 to extend the borrowing powers of mayoral combined authorities that have agreed debt caps with HM Treasury, which is reflected in the devolution deals that North of Tyne, South Yorkshire and West Yorkshire have agreed with government.
This extension is another important step towards empowering these mayoral combined authorities to invest in infrastructure while giving local leaders the tools needed to stimulate local economic growth, increase productivity and seize levelling-up opportunities available to their areas. In the levelling-up White Paper we set out plans to transform the fortunes of places across the UK by spreading growth and prosperity in areas that feel as though Westminster has forgotten about them. That paper sets out a series of long-term missions that put us on a trajectory towards that goal, including giving every part of England that wants one a devolution deal by 2030.
Devolution is a central part of our levelling-up agenda and we want to give areas the powers they need, along with a simplified, long-term funding settlement. We are committed not only to extending devolution to new areas but to deepening it in areas that already have devolved powers. The regulations we are discussing today will live up to that ambition: deepening devolution in North of Tyne, South Yorkshire and West Yorkshire in line with commitments we have already given, by providing new and deeper powers to the local leaders so that they can act more flexibly and innovatively to respond to local need and be held to account by local citizens.
Put simply, these new powers will allow these three combined authorities to borrow not only for their transport functions but for any of the other functions conferred on them as a result of their bespoke devolution deals. These areas will be able to make the most of new opportunities by borrowing for their investment programmes, delivering improved public services and greater prosperity for their areas. At the moment, the legislation in place allows combined authorities to borrow only for transport or, where the mayor is also the police and crime commissioner, for such purposes. The primary legislation also provides that the Secretary of State may, by regulations, confer the ability to borrow for additional functions.