Plans to boost Hull were given further backing today when the Government announced it was accepting most of Lord Heseltine's recommendations for economic growth.
Hull and the Humber has been chosen as one of two pilot areas by the former deputy prime minister to put ideas from his recent No Stone Unturned report into action.
Now, ministers have given the go-ahead to most of the report's recommendations.
They include devolving more powers and funding from Whitehall to local areas.
Chancellor George Osborne said: "We asked Lord Heseltine to do what he does best: challenge received wisdom and give us bold ideas on how to bring government and industry together.
"He did just that, and that is why we are backing his ideas today."
City council leader Steve Brady said: "Because we are a pilot area, Hull is going to be a very forefront of this.
"We are more than ready to play our part."
However, Ed Balls, Labour's Shadow Chancellor, said Lord Heseltine's plan underlined the "short-sighted decision" to abolish regional development agencies like Hull Forward and Yorkshire Forward in 2010.
He said: "Local areas should have the powers and resources they need to get growth going and create jobs, but this devolution must not be used as a cover for even deeper cuts.
"And it is crucial that accountability, proper transparency and good governance are in place if Government is to devolve this public money."
Mr Balls said government ministers had to act to "kickstart the flatlining economy."
"Our economy has now flatlined for nearly three years, but the Government still does not have a growth plan that can meet the scale of the challenge."
