The deal would mean a new guaranteed funding stream of £1.14 billion – or £38 million a year over the next 30 years – to help level up the East Midlands, as well as an extra £16.8 million for new homes on brownfield land and control over a range of budgets like the Adult Education Budget.

The deal offers the joint largest Investment Fund in the country, matching the amount offered to West Yorkshire, with other similar deals attracting lower Investment Fund figures.

Other areas with devolution deals have been able to make their funding go even further by offering loans to businesses so they can invest and grow, with devolved areas making money from the interest – so the true financial benefit is likely to be greater still.