A BID by Portsmouth City Council to retain all business rates collected in the area is hoped to give the authority more control over its future.
The council has joined forces with 14 other local authorities to ask the Tory government for the change in exchange for giving up revenue support grants.
The move would reduce Hampshire and Isle of Wight’s dependency on money from central government and put greater focus on the partners involved to boost the success of businesses in the region.
If it is successful the devolution deal could become a blueprint for cities and regions across the country to follow.
The government is expected to make a decision on the proposal later this year.