The Government has revealed the devolution plan for the region which could see an additional £400m of funding for the area over the next 30 years.
East Yorkshire and Hull could have an elected mayor in 2025.
The chancellor announced a devolution plan for the region in parliament yesterday.
The plan would see the creation of a combined mayoral authority to work alongside the existing councils.
The mayor would take on some powers, and crucially, funding from Westminster.
Leader of East Riding Council - Councillor Anne Handley - has welcomed the announcement.
The plan now has to go to a public consultation and be approved by both East Riding Council and Hull City Council.
Speaking to East Riding Councillors, Council Leader - Anne Handley - said it is important for both the councillors and the public to have a say on whether or not the scheme goes ahead.
The deal was among four new devolution pacts announced yesterday by the chancellor.
Proposals include £13.34m-a-year in investment funding during the next 30 years, £400m in total.
There would be up to £15m for transport, flooding and coastal erosion programmes including a coastal regeneration project for the East Riding.
A further £5m would go towards supporting local priorities for economic growth next year, including any future expansion of Siemens Gamesa at Alexander Dock.
The UK Shared Prosperity Fund for the area would be planned and delivered from 2025-6.
The new combined authority would have powers over local skills, adult education spending, regeneration and affordable housing.
Plans for housing include £4.6m to build new homes on brownfield land in 2024-5.
The combined authority would also have a multi-million pound transport budget.
Proposals include rail electrification commitment for lines between Hull and Leeds and Sheffield as part of the area’s integration into Northern Powerhouse Rail.
The authority will be headed by a directly-elected mayor with voters going to the polls in mid-2025 if the deal is approved.
Councillor Handley told East Riding Councillors last week that the announcement was imminent and said it would be up to the councils and local people to decide if the deal is right for the region.
The East Riding Council Leader explained what will happen next.
The announcement comes ahead of extraordinary council meetings in Hull and the East Riding set for Thursday, December 21 which will decide whether to proceed with consultations on the deal, those consultations are expected to take place in the new year with responses then being looked at in April and May and approval sought from the levelling up secretary in June assuming there is no major opposition or sticking points.
If it is approved then powers would be devolved to the area’s new combined authority from January 2025 and a mayoral election would be held in the May.
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