A devolution deal was signed by the four upper tier councils of Derbyshire County Council, Nottinghamshire County Council, Derby City Council and Nottingham City Council in November 2022. 

The deal guaranteed a funding stream of £1.14billion, spread over a 30-year period, alongside devolved powers around transport, housing, skills and adult education, economic development and net zero.

As part of the deal, a new East Midlands Combined County Authority has been created and it will be led by a new East Midlands Mayor.

Devolution provides opportunities to improve the economic, social and environmental well-being of the people who live and work in the area, including:

• Local control over a range of budgets like the Adult Education Budget, so we can use the money to meet the needs of people in our communities.
• Local powers to tackle challenges that are specific to our area and harness its true economic potential, for the benefit of everyone who lives and works here.
• Working more effectively on a larger scale across council boundaries, further strengthening partnership working across and between our counties and cities.

Devolution has seen real improvements in other parts of the country where it has been successfully adpoted. Plus, other area 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.