Lancashire County Council has welcomed a green light from the Government for a City Deal for Preston.
In a statement the County Council said:
"It is superb news for Lancashire that the Government has decided to support the bid.
"Preston has enormous potential as a focal point for economic growth, but this bid is on a vast scale and it is not just the city itself but the whole of Lancashire that stands to benefit. It also complements our existing programmes for job creation and apprenticeships.
"The City Deal will form the basis for large scale investment in transport and housing, and provide the ideal conditions for companies to invest and create employment."
More top news
The chairman of Southampton appears to have killed off any hope of Liverpool signing defender Virgil van Dijk.
A second man has been arrested on suspicion of murdering Jiri Ulman in north Manchester.
A police station and a major road have been closed after a man was found with stab wounds following a street brawl in north Manchester.