Council leaders in Suffolk have described the devolution as ‘ambitious and exciting’ for Suffolk.
As well as £480m funding, the devolution deal also provides £5.8m to regenerate brownfield land for housing and control of the Adult Education budget to shape provision to the needs of residents and the local economy.
A further £3m is being provided to fund more energy efficient homes, while there will also be support for improved transport infrastructure.
Cllr Suzie Morley, leader of Mid Suffolk District Council said: "This is an ambitious, exciting deal for Suffolk, bringing more decision-making powers to the county and decades of investment.
"Suffolk's public sector leaders have shown ambition and determination to make this happen and will continue to work together to do the very best for residents and businesses.”
John Ward, leader of Babergh District Council, said: "Suffolk's united approach to getting the right deal for the county has paid off.
"This investment over the next 30 years will transform many areas. And it will address priorities that people really care about – such as transport and tackling climate change.
“I look forward to seeing what a positive impact this will have on the lives of people in the Babergh district.
“It also demonstrates that the way forward for more effective and accountable local government is through collaboration and closer working with our neighbours.”
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