City Council leaders and prominent business figures from the Local Enterprise Partnership put together a proposal for devolved powers in Nottinghamshire.
Derbyshire County Council and Nottinghamshire County Council have agreed to sign up to the Modern Charter for Local freedom. This document sets out the powers Nottingham and other big cities need to prosper.
The two proposed Combined Authorities of the D2N2 Local Enterprise Partnership will be the first two tier areas to get this position and this could be a model for the rest of the UK.
If successful, this deal would deliver fifty-five thousand new jobs by 2023 and seventy-seven affordable new homes by 2020. It would also help business better access to funds through a D2N2 investment business bank by one billon pounds.
Speaking on behalf of Nottinghamshire authorities, Councillor Jon Collins, said:” This level of ambition shows that the region is pushing to be seen alongside the likes of Manchester, Sheffield and Leeds as a regional powerhouse”.
He also said that this would give greater influence to local people over decisions on the prosperity.