The council’s leader is hopeful Andy Burnham will devolve more power to the county if he becomes PM

Electing a Devon mayor could unlock billions of pounds of local investment over the next decade, the leader of the county council has said. Julian Brazil (Liberal Democrats) said modelling indicated a mayoralty in Devon could attract up to £3bn of funding for key services and economic development.

The council leader is hopeful Devon could become one of the first new Mayoral Combined Authorities created under a future government after Labour leader hopeful Andy Burnham pledged to devolve more power to the regions and nations if he becomes Prime Minister.

If the Devon does elect a mayor, it would become one of the largest mayoral authorities in England – and Mr Brazil believes it would drive economic growth, improve public services and secure long-term investment.

“Devon is ready to deliver a mayoralty at pace and with ambition,” he said. “We have the scale, the partnerships and the determination to unlock major economic growth for both our urban centres and rural communities.

“This is about bringing investment home to Devon – creating well-paid jobs, delivering homes for young people and ensuring our whole county can thrive.”

Existing mayoral areas, such as the West of England Combined Authority – covering Bristol, Bath and North East Somerset and South Gloucestershire – benefit from additional funding and greater control over transport, planning and economic development, allowing decisions to be tailored to local needs.

Mr Brazil’s comments come just a week after he wrote to Labour leadership hopeful Andy Burnham setting out how Devon could quickly deliver a mayoralty in line with the former Greater Manchester mayor’s ambition to accelerate devolution and support “good growth in every British postcode”.

Devon County Council and Torbay Council already work together through the Devon and Torbay Combined County Authority, which was established to secure additional funding and powers. Mr Brazil said the partnership provided “a strong platform” for further devolution.

Last year, all eleven council leaders in Devon signed a joint letter supporting devolution, demonstrating broad political backing for greater local powers.

“Devolution must not stop at the big cities,” Mr Brazil said. “Too often, rural and coastal communities are overlooked in national policy. A Devon mayoralty would ensure our voices are heard at the very centre of government.”

Billions in potential investment

According to Mr Brazil, a Devon mayoralty could unlock the billions of pounds over a decade through devolved funding and locally generated revenues, with additional private-sector investment potentially worth billions more.

Potential sources of funding include central government devolution settlements; retention of business rates growth; major transport and infrastructure programmes; new revenue-raising powers; public-private partnerships; inward investment; and strategic development initiatives.

Supporters say the funding streams would help deliver regeneration projects, transport improvements and wider economic development across the county.

“A Devon mayoralty would accelerate the delivery of affordable and council housing, unlock and coordinate growth across council boundaries,” added Mr Brazil.

“It could also support the creation of Mayoral Development Corporations while balancing the needs of growing cities such as Plymouth and Exeter with those of rural communities.”

Last week, Burnham pledged to create a ‘No 10 North’ if he becomes Prime Minister, claiming it would help power flow into regions including the West Country.

In his first major policy speech since launching his leadership bid, the new MP for Makerfield said he would deliver the “biggest change in our lifetime to the way the country is run” while remaining “consistent” to Labour’s 2024 manifesto.

The government will sell up to 5.04% stake in Cochin Shipyard Ltd through an offer for sale, with the floor price fixed at Rs 1,400 per share. The offer will open for non-retail investors on July 7, while retail investors will be able to place bids on July 8.

The government will first sell 2.52% of Cochin Shipyard’s paid-up equity as the base offer. It has also kept an additional 2.52% stake as a green-shoe option, which can be exercised if the issue receives strong demand. This means the total stake sale can go up to 5.04%.

An offer for sale is a route through which promoters, including the government, can sell shares in a listed company through the stock exchange mechanism. In this case, the government is looking to reduce part of its holding in Cochin Shipyard while allowing institutional and retail investors to buy shares through the OFS window.

The floor price of Rs 1,400 per share is the minimum price at which investors can bid. The final allotment will depend on demand, bids received and the clearing price under the OFS process.

Cochin Shipyard is one of India’s leading public sector shipbuilding and ship repair companies. The stock has been in focus over the past year due to strong investor interest in defence and shipbuilding companies. The broader sector has benefited from rising government spending on defence manufacturing, naval modernisation and Make in India-linked orders.

The OFS comes at a time when public sector defence and shipbuilding stocks have seen strong market interest. Investors will watch the discount or premium of the floor price compared with the market price, as that usually drives demand in such issues.
For non-retail investors, the bidding will take place first. Retail investors will get their separate window the next day. In many OFS issues, retail investors are also sometimes offered a discount, though the current announcement only mentions the floor price and the offer structure.The green-shoe option gives the government flexibility to sell a higher stake if demand is strong. If the OFS is fully subscribed along with the green-shoe portion, the government’s stake in Cochin Shipyard will come down by 5.04%.

The stake sale will also help the government move ahead with its disinvestment programme for FY27. While the offer does not involve any fresh issue of shares by Cochin Shipyard, it will increase the public float in the company if fully subscribed.

The market’s response will depend on the pricing, recent movement in the stock and investor appetite for defence-linked public sector companies. Given the strong rally in several PSU defence names, the Cochin Shipyard OFS is likely to be closely tracked by both institutional and retail investors.

Microsoft said on Monday that it will eliminate roughly 4,800 jobs – or about 2.1% of its global workforce – as it restructures parts of the company to prioritize artificial intelligence investments and other long-term business goals.

The reductions will primarily affect Microsoft’s commercial and Xbox organizations, with additional changes planned across engineering teams as the company reshapes its operations to better serve customers and accelerate AI adoption. Microsoft has historically announced organizational changes near the close of its fiscal year as it sets spending plans for the year ahead.

In a separate message to Xbox employees, Xbox head Asha Sharma described the move as “the most significant restructure in Xbox history,” saying the gaming division plans to eliminate about 3,200 positions during fiscal 2027, including roughly 1,600 roles effective Monday. Sharma said four game studios will transition to new ownership or management as part of the restructuring, which she said followed years of heavy investment in content, Game Pass and platform expansion that did not grow as quickly as the company had expected.

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In a message to employees, Chief People Officer Amy Coleman said the restructuring is designed to better align Microsoft’s workforce and investments with a rapidly changing technology landscape, while emphasizing that the layoffs are not the result of AI directly replacing employees.

“I also want to be direct that the roles eliminated today are not being replaced by AI,” Coleman wrote. “At the same time, what is true is that AI is changing how work gets done.”

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Coleman acknowledged that artificial intelligence is automating some workplace tasks, saying employees across the company will need to continue developing new skills as the technology transforms business operations.

“Some of the tasks we do every day can now be automated,” she wrote. “We all need to keep learning, keep building new skills, and keep adapting as the work evolves.”

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Microsoft said it considered alternatives before implementing layoffs, including redeploying more than 4,000 employees into new roles over the past year and reassigning another 500 workers this month. Coleman also pointed to a voluntary retirement program and the transfer of four gaming studios to new ownership or management.

The layoffs come as Microsoft continues investing heavily in artificial intelligence, data centers and cloud infrastructure while integrating AI tools across its product lineup. The broader technology industry has also been reshaping workforces as companies increase spending on AI infrastructure while looking to manage costs, with Amazon and Meta among the firms that have announced job cuts this year.

Ticker	Security	Last	Change	Change %
MSFT	MICROSOFT CORP.	390.49	+6.21	+1.62%

Coleman suggested Monday’s announcement may not be the last round of organizational changes.

“We are still early on this journey, and there will be more changes ahead; other parts of our business will need to make similar changes,” she wrote.

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Microsoft said it will provide affected employees with financial support and career resources as they transition to new opportunities.