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