AN EXTRA £9bn per year and a 135,000 jobs boost could come from a “new growth deal” to be put forward jointly by the leaders of Oxfordshire, Buckinghamshire and Northamptonshire county councils.

New measures, including fiveyear cash settlements, control of businesses rate increases and joint transport plans, would help create a bonanza of “at least” 135,000 jobs in the counties, according to the three authorities.

It is part of plans to create an “alliance” between the three councils – as revealed in the Oxford Mail last December – and position the regions as “England’s Economic Heartland”, a rival to the so-called “Northern Powerhouse”.

Of the £9bn they hope to bring to the economy each year, civic leaders said they would aim for Oxfordshire to net at least a third.

It comes after George Osborne, Chancellor of the Exchequer and Prime Minister David Cameron’s second in command, announced yesterday the door was open for “radical devolution” to England’s cities.

Yesterday Oxfordshire County Council leader Ian Hudspeth said: “England’s Economic Heartland is one of the powerhouses of the UK economy.

“We want to grow the area’s reputation as a serious destination for new economy industries and their employees, families and supply chains.”

The three counties have drawn up an initial plan in consultation with local enterprise partnerships (LEPs), bodies made up of councils and businesses responsible for funnelling cash into local projects.

Senior Oxfordshire county councillors will meet on May 26 at County Hall, Oxford, to approve the creation of a “leaders board”

comprised of the three council leaders and the chairmen of the three LEPs.

The LEPs and other county councils are expected to decide on the proposal later in the summer.

Once formed, this board would be tasked with thrashing out a final deal with the Government.

Among the board’s key priorities would be longer, five-year, cash settlements, similar to those enjoyed by national infrastructure bodies such as Network Rail and Highways England.

At the moment the county councils are told each year how much money they will receive from Whitehall.

But the authorities said money covering a longer time period would create more certainty for businesses and boost growth.

They would also seek a new agreement on business rates.

Oxfordshire LEP chief executive Nigel Tipple said this would likely involve the Government setting a “baseline” of how much it would take, with councils allowed to retain any extra cash collected.

He said: “Oxfordshire is a net contributor to the Treasury, which means we generate more money than we take out.

“What we would like to do is take the additional value and drive it back into local growth.”

The county council’s cabinet will meet to consider the proposals on May 26, at 2pm in County Hall, New Road.