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By Sonia Kataria & PA news agency
BBC News
The East Midlands could receive new powers in a "first of its kind" devolution deal if the government's levelling up bill passes.
The deal would see a Mayoral Combined County Authority in Derby, Derbyshire, Nottingham and Nottinghamshire and the election of a mayor.
The initiative would see some decisions made locally in areas like transport, regeneration and unemployment.
If introduced, the first mayoral elections could take place in 2024.
The holder of the new role would be responsible for delivering local priorities, including education, infrastructure and home building - backed by a £38m per year investment fund - totalling £1.14bn over 30 years.
However, the new devolution model is dependent on parliamentary approval of the government's Levelling Up and Regeneration Bill and necessary secondary legislation, as well as a public consultation.
The bill drew criticism from a group of cross-party MPs on the Levelling Up, Housing and Communities Select Committee, who said it lacked detail and did "little to reassure" that levelling up was "more than a slogan".
'Bigger voice'
Announcing the deal, Levelling Up Secretary Greg Clark said: "The East Midlands is renowned for its economic dynamism and it has the potential to lead Britain's economy of the future.
"For a long time I have believed that the East Midlands should have the powers and devolved budgets that other areas in Britain have been benefitting from and I am thrilled to be able to bring that about in Derby, Derbyshire, Nottingham and Nottinghamshire.
"I am impressed by the way councils in the region have come together to agree the first deal of this kind in the country, which will benefit residents in all of the great cities, towns and villages across the area of Derbyshire and Nottinghamshire."
The mayoral authority would not replace existing councils.
In a joint statement, Ben Bradley MP, leader of Nottinghamshire County Council, Barry Lewis, leader of Derbyshire County Council, Chris Poulter, leader of Derby City Council, and David Mellen, leader of Nottingham City Council, said the deal was "fantastic news".
"As leaders, we have all fought for a fairer share for our cities and counties, and a bigger voice for our area, to give us the clout and the influence we deserve, and to help us live up to our full potential," they said.
"This deal would help make that a reality."
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