Britain’s biggest banks are trying to prove their regional credentials to Andy Burnham in the hopes of financing local infrastructure projects that stem from the incoming prime minister’s devolution agenda.

Lloyds Banking Group and NatWest have discussed devolution plans with Burnham’s advisers, keen to stress their significant presence across the UK and the swaths of business customers that could drive regional projects.

Burnham, the former Greater Manchester mayor, promises a “Number 10 North” hub, devolving powers to regional governments and narrowing the gap between provincial cities and London. NatWest has already funded £160 mn for Leeds‑Bradford Airport, while a Lloyds‑led syndicate refinanced Newcastle Airport for £364 mn.

Banks see devolved powers as a faster roll‑out of infrastructure, with NatWest leading bus infrastructure in Manchester and Lloyds providing £22 bn to social housing since 2018. The sector hopes to structure funding to support Burnham’s agenda and avoid a potential tax raid. Bankers also note that improving skills in local government planning bodies will be key to delivering projects quickly, while lawyers see opportunities for blended finance with public bodies and institutional investors.