Devolution - how it will impact East Yorkshire businesses
A devolution deal for the region was signed in Hessle yesterday.
East Yorkshire's devolution has been formally signed off in a joint ceremony between Hull City Council leader Mike Ross, East Riding Council leader Anne Handley, and Levelling Up Minister Jacob Young - but what does this mean for local business?
ÂŁ400 million new funding has promised as part of the devolution deal over the next 30 years, with money earmarked for flood protection, developing greenfield sites for new homes, and electrifying rail links from Hull to Sheffield and Leeds.
Chief Executive of Hull & Humber Chamber of Commerce Dr Ian Kelly said: "We've been looking forward to some levelling up money in the Humber for some time - it's been a while coming and I think we're all pleased as a business community to get behind the politicians.
"We need that little bit of extra money investing in our area to get more investment from the private sector which will help create more jobs in the local area."
East Yorkshire is not the only area to get a devolution deal - Greater Lincolnshire will also get an elected mayor. The two region's deals do risk creating a divide either side of the Humber, which will have separate and potentially competing mayors.
Dr Ian Kelly said: "We're keen that the Humber as a functional economic community isn't broken up completely - there are measures coming in so the four leaders around the Humber will work together while this devolution process happens."
Once the deal has been approved by Hull City Council and East Riding of Yorkshire Council, there will be a public consultation on the plans in January. If that consultation doesn't show significant opposition, elections for a new East Yorkshire mayor will take place in May 2025.