He added conversations were already taking place on how the funding would be allocated and welcomed the fact that decisions previously taken in Westminster were now happening at sub-regional level.
He said this would lead to a more flexible and targeted approach to adult education.
10.55am: How will the money be spent?
The mayoral investment fund is worth £540 million spread over 30 years.
From launch to March 2025, the new combined authority will receive £56 million, which includes £12.7 million for housing to build 700 new homes on brownfield sites, £10 million to support transition to net zero, unlocking economic opportunity, empowering business growth and creating jobs. An adult education budget will also be devolved to York and North Yorkshire.
10.47am: Mayor's role outlined
Whoever is elected mayor on May 2 will take up the role on May 7. The salary has not been revealed yet. His or her roles (although only four men have declared they will stand so far) will include:
- Responsibility for 30-year mayoral investment fund and the powers to borrow against funds
- Full devolution of the adult education budget
- Powers to improve the supply and quality of housing and secure the development of land or infrastructure
- Responsibilities for community safety and the powers to appoint a Deputy Mayor to carry out many of the duties currently held by police, fire and crime commissioner Zoe Metcalfe
- Powers and funds to improve transport through a consolidated, devolved, multi-year transport settlement.
10.39am: Combined authority will be based in York and Northallerton
Now the speeches are over, some interesting details are emerging in the media briefing notes.
The combined authority, which will employ 54 staff, will use offices in York (West Offices, Station Rise) and Northallerton (County Hall). The Mayor will work from both offices.
10.28am: 'Region before politics'
Cllr Claire Douglas, the Labour leader of City of York Council continues the heady rhetoric. The word 'momentous' is being used a lot.
Cllr Douglas describes the deal as "absolutely fantastic, a historic milestone for our region" and says it is a case of "region before politics", which reflects how the Labour Council she leads will work alongside the Conservative one in North Yorkshire.
10.21am: 'First truly rural and city deal'
Richard Flinton, the chief executive of North Yorkshire Council, is standing in for Conservative council leader Cllr Carl Les, who he says is stuck in traffic on the A19.
Mr Flinton says it's a "strong deal" that will open up more conversations with government. He adds:
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