The Combined Authorities (Borrowing) and East Midlands Combined County Authority (Borrowing and Functions) (Amendment) Regulations 2025
The Combined Authorities (Borrowing) and East Midlands Combined County Authority (Borrowing and Functions) (Amendment) Regulations 2025 were made on 23rd January 2025 and came into force on 28th January 2025.
These Regulations amend the Combined Authorities (Borrowing) Regulations 2018 and the East Midlands Combined County Authority (Borrowing and Functions) Regulations 2020.
The amendments to the Combined Authorities (Borrowing) Regulations 2018:
- Increase the maximum amount that a combined authority may borrow from £1 billion to £1.5 billion.
- Allow combined authorities to borrow for purposes related to economic development and regeneration.
The amendments to the East Midlands Combined County Authority (Borrowing and Functions) Regulations 2020:
- Increase the maximum amount that the East Midlands Combined County Authority (EMCCA) may borrow from £500 million to £750 million.
- Allow the EMCCA to borrow for purposes related to skills and training.
These Regulations are necessary to ensure that combined authorities have the financial resources they need to support economic growth and regeneration, and to improve the skills and training of their residents.
Background
Combined authorities are partnerships between local authorities and other public sector bodies. They are responsible for delivering a range of services, including transport, economic development, and skills and training.
The Combined Authorities (Borrowing) Regulations 2018 allow combined authorities to borrow up to £1 billion for purposes related to infrastructure, housing, and regeneration. The East Midlands Combined County Authority (Borrowing and Functions) Regulations 2020 allow the EMCCA to borrow up to £500 million for purposes related to infrastructure, housing, regeneration, and skills and training.
Impact
The amendments to the regulations will increase the borrowing capacity of combined authorities and the EMCCA. This will allow them to invest more in economic development, regeneration, and skills and training.
These investments will help to create jobs, boost the economy, and improve the lives of residents.
Conclusion
The Combined Authorities (Borrowing) and East Midlands Combined County Authority (Borrowing and Functions) (Amendment) Regulations 2025 are an important step in supporting the economic growth and regeneration of the UK. They will allow combined authorities and the EMCCA to invest more in the infrastructure, housing, regeneration, and skills and training that their residents need.
The Combined Authorities (Borrowing) and East Midlands Combined County Authority (Borrowing and Functions) (Amendment) Regulations 2025
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