This report does not constitute a rating action. Among the U.K. public-sector entities, English local governments seem to be the prime beneficiaries of the recently released Autumn budget. The government has confirmed its commitment to increasing the sharing of budget revenue and spending responsibilities with local governments in its Fiscal Devolution Roadmap, with more details expected later this year and in 2027. S&P Global Ratings understands the central government plans to transfer a share of receipts from business rates (corporate property tax), income tax, and tourism tax to strategic authorities (one type of local government in England) from 2028 to replace grants. Moreover, the central government plans to transfer proceeds from all business rates to local governments by the end
