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5 July 2012, 12:09 | Updated: 30 March 2016, 13:50
More Government cash is being given to our major cities, inlcuding Leeds and Sheffield, so they can have more control over things like job creation and transport.
Leeds will get cash to run its own transport systems, in return for helping young people get jobs and Sheffield will have to create 4 thousand apprenticeships.
The cities believe the agreements will create 175,000 jobs over the next 20 years and 37,000 new apprenticeships. Deputy Prime Minister Nick Clegg said the deals were a ``dramatic power shift'', freeing cities from Whitehall control.
Extra powers for Liverpool and Greater Manchester were agreed earlier and plans for the remaining core cities of Birmingham, Bristol, Leeds, Newcastle, Nottingham and Sheffield have now been agreed.
Clegg said: ``This groundbreaking city deal signals a dramatic power shift for Leeds, freeing the city from Whitehall control. Everyone in Leeds will feel the benefits - from young people looking for jobs, to businesses looking to expand.
`Sitting at home with nothing to do when you're so young can knock the stuffing out of you for years. It is a tragedy for the young people involved, and a ticking time bomb for the Leeds economy and our society as a whole.
``This problem isn't new, but in the current economic climate it is more important than ever that our most troubled teenagers have the skills, confidence and opportunities to succeed. There is enormous potential in Leeds.''
He added: ``Sheffield is an economic powerhouse generating £25.7 billion for the UK economy - so it makes sense that Sheffield itself decides how to make that powerhouse grow. Over the coming months, we are transferring more and more power from Whitehall to the city. Giving Sheffield the control it needs to become the City of Skills.'''