Local enterprise partnerships (LEPs) would then be encouraged to bid for a share of it.
The government set up LEPs across the country to replace regional development agencies.
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If agreed, the plan would be a template for other LEPs to use.
The government says yes and insists it is already rolling out measures which will help LEPs and councils generate growth.
In the meantime, Leps are continuing to develop the region's four enterprise zones: in Northampton, Alconbury, Harlow and Great Yarmouth-Lowestoft.
LEPs, inkjet-printed circuitry has advantages of cost, weight, robustness and flexibility, as well as the ability to cover large areas.
He added the private sector was vital in helping to create jobs and wealth and LEPs were the right vehicle to do this.
LEPs, which are the size of tic-tacs, are designed specifically for high intensity usage, for things like street lights, parking lots and sports stadiums.
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If gaining funds from central and local government is difficult at present, another option for Leps is to seek them from the private sector.
Leps have so much ground to cover - tourism, hi-tech manufacturing, broadband, accessing EU money - but they haven't got the resources to do it.
Last week the Indiana city of Scottsburg made a bet on the future of its street lights with a little-known technology called LEPs light emitting plasma.
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Scottsburg was able to purchase the LEPs for its streetlights thanks to funds from the U.S. federal stimulus package that went to the Indiana Municipal Power Agency.
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Secondly, the LEPs will not have what was dismissed by Conservative politicians in particular during the 2010 General Election as the "bloated" budgets of the old RDAs.
After the review is completed it is hoped a pilot scheme will be run with a view to rolling it out across the country to other LEPs.
The government funding is allocated by LEPs across the country.
The power and the budgets would be administered "locally" by the 39 business-led Local Enterprise Partnerships (LEPs) set up as a "more efficient" replacement for RDAs by the incoming coalition government.
Earlier this year, the government confirmed that the first zones would be based within 11 LEPs led by Manchester, Liverpool, Birmingham and Solihull, Sheffield, Leeds, London, the Bristol area, the Black Country, Derby and Nottingham, Teesside and the North East.
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