Derbyshire and Nottinghamshire have published the draft plans for their devolution bid and declared 'now is the time to do the deal'.

The document outlines the final negotiating position of both the councils and business leaders behind the bid, and was sent to chancellor George Osborne and secretary of state for communities and local government, Greg Clark just before Christmas.

Nineteen councils across Nottinghamshire and Derbyshire and business leaders from the D2N2 Local Enterprise Partnership, are seeking to create a single Combined Authority for the region by March 2016.

The North Midlands - previously the East Midlands - Combined Authority would be the first to include district, borough, city and county councils.

The deal, which was months in negotiations, promises a number of benefits, including 55,000 new private sector jobs, 77,000 extra homes, and an Investment Fund over 30 years to provide infrastructure such as roads and bridges.

As with other devolution deals, it will also include a directly-elected mayor.

Cllr Anne Western, leader of Derbyshire County Council, said: ‘We can't stress enough the size of the prize on offer for Derbyshire and Nottinghamshire and the benefits devolution would bring for local people. So we've taken the decision to publish the draft agreement so people can get a better understanding of what it will mean for the area.

‘Following a request from Government, we have renamed our bid as North Midlands, which more accurately reflects the geographical area covered and will be able to align with the same name for the combined authority.’

The leader of Nottinghamshire County Council, Cllr Alan Rhodes, also added: ‘We have excellent proposals on the table, the majority of which have already been agreed, which offer a once in a generation opportunity to secure the jobs, growth, new homes and better quality of life we all crave for our communities.

‘The benefits to the local economy and local people are clear − we just await the green light from the chancellor.’