The chancellor is expected to comment today on a new report by Lord Heseltine, which is calling for the government to allow Birmingham to have new spending powers to boost the economy.
The Great Birmingham Project Pilot report was published yesterday and is backed by councils and businesses.
Lord Heseltine says if the Greater Birmingham Project gets the go-ahead, it will mean some spending powers are transferred from central government and given to 39 areas across the UK.
"The areas will spend the next year working out how they would contribute based on their strengths if they were given access to the decision-making of large parts of public money.
"They will then put their proposals to Government and if they are approved then you will get a much bigger expenditure locally.
"It will be a partnership between what the Government can afford and what the private sector wants to add to it." - Lord Heseltine
The Greater Birmingham Project Report was launched today, exploring ways of stimulating economic growth in the West Midlands.
The project, which is being piloted in the West Midlands, is being led by Lord Heseltine who will present the recommendations made in the report to the Prime Minister about ways the Government can help Birmingham to flourish.
The Chancellor George Osbourne is expected to comment on the suggestions in the report tomorrow.
Following eight weeks of work with stakeholders in Greater Birmingham, Lord Heseltine will present his Greater Birmingham Project report today.
The aim of the project is to show how growth in Birmingham can be stimulated if the recommendations in the report are implemented.
The project is being piloted in the West Midlands and was commissioned by the Prime Minister following the publication of Lord Heseltine's earlier report 'No Stone Unturned', in which he calls for power to be taken from central government and given to the regions.
The Greater Birmingham Project will conduct a three-month review with Lord Heseltine in charge of any pilot.
In a speech he gave in Birmingham in October, he called on the coaliiton government to take power and money away from Whitehall and give to the regions to boost economic growth.
He said that big cities like Birmingham should decide how much money they need and where it should be spent.
The Chief Executive of Birmingham Chamber of Commerce says "we know what the region needs" ahead of Lord Heseltine's Greater Birmingham Project investment announcement.
Jerry Blackett, Chief Executive of Birmingham Chamber of Commerce, has told ITV Central that Birmingham is in pole position to lead the country ahead of Lord Heseltine's investment announcement.
The former deputy Prime Minister is to announce the Greater Birmingham Project later today with £55 million of investment on offer.
Bidding starts today for Midlands cities to apply for millions of pounds of Government cash to boost economic growth.
Former deputy Prime Minister Lord Heseltine is announcing the Greater Birmingham Project which will apply for funding. £55 million of investment from Westminster is up for grabs.
Councils and businesses in the West Midlands could get the chance to bid for £49 billion of government funding if proposals outlined by Lord Heseltine are approved.
He came to Birmingham today to announce plans for greater economic growth.