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19 March 2014, 13:54 | Updated: 19 March 2014, 15:59
The Chancellor has announced a £500 million grant for Cambridge as part of his budget.
George Osbourne made the announcement earlier today.
The money will come in the form of a so-called City Deal during the next 15 years.
It is expected to be spent on transport and housing projects.
It follows more than a year of negotiations with central Government by Cambridge City Council, South Cambridgeshire District Council, Cambridgeshire County Council, The University of Cambridge and the Greater Cambridge Greater Peterborough Enterprise Partnership.
Members from all three Councils will consider the details of the proposed Deal over the next two weeks.
In addition to funding for transport, the Deal would see the three councils (Cambridge City, South Cambridgeshire District and Cambridgeshire County Council) pooling some of their own separate funding and powers, and working more closely than now.
Councillor Martin Curtis, Leader of Cambridgeshire County Council, said: "We welcome this news today and will now be looking carefully at the detail.
But it could be a real game changer, moving the economy of Greater Cambridge and the wider County towards becoming a real economic powerhouse.
The improvements will see a step change in transport infrastructure that will create jobs and boost the local economy.
The success of this will also be felt outside the Cambridge area so all our communities benefit."
Sir Leszek Borysiewicz, Vice-Chancellor of the University of Cambridge, said: "This is great news for Cambridge.
We look forward to working with our partners to deliver housing and transport improvements that will help us to innovate and sustain economic growth, while protecting the features that make Cambridge such an attractive place to work, study and live."