During his time as Mayor of Greater Manchester, one of Andy Burnham’s biggest frustrations was what he called ‘the begging-bowl culture.’ In order to get funding for local projects he was forced to go cap in hand to the Treasury.

As Prime Minister, he has pledged to put more power and income in the hands of England’s regional mayors.

From April next year, regional mayors will be awarded a share of the business rates take on their patch; this will be supplemented by a portion of local income tax from April 2028. They will also be able to borrow against future income.

But for local leaders, this isn’t just about money. It’s about providing certainty. With more predictable revenue streams – plus additional powers over transport, housing and skills to bolster their brief – they will be able to make longer terms plans, without reverting to Whitehall.

Richard Parker, Mayor of the West Midlands, has been effusive in his praise for the proposals, describing them as “phenomenal” and “monumental.”

So, what might he do with the windfall?

According to the West Midlands Combined Authority website, the mayor said the income from the two taxes will give him the financial firepower to drive more of the vital things the region needs, including new jobs and upskilling, affordable housing and better transport.

One of the strongest arguments for devolution is the ability it gives to local leaders to drive regeneration, to transform a local economy and attract private investment. Regeneration will also deliver on Mayor Parker’s priorities above, by generating jobs, providing homes and building infrastructure.

Large scale urban regeneration requires public sector intervention to get it off the drawing board. This might include funding for brownfield remediation; the use of compulsory purchase powers to assemble a site and resolve ownership issues; delivering infrastructure to ensure a site is accessible or grants to close a viability gap.

By their very nature, regeneration projects are complex and delivered over many years, often decades. Andy Burnham’s devolution revolution will give mayors greater confidence to embark on ambitious regeneration schemes and the ability to set up dedicated delivery vehicles, including joint ventures and Mayoral Development Corporations (MDCs).

Well, that’s the theory. We’ll have to wait until 28 October to get the detail, when Chancellor John Healey delivers his first Budget and will flesh out these plans. Watch this space.