The Chancellor has today given the go ahead for Croydon to become a "growth zone", potentially bringing in 23,500 new jobs to the area.
In his Autumn Statement, George Osborne announced the government would begin discussions on the plans, which could bring in 23,500 new jobs and 8,000 homes in the town centre by 2031.
Labour's Croydon North MP Steve Reed and Gavin Barwell, Conservative MP for Croydon Central, headed a cross-party support for Croydon's devolution case, lobbying outside parliament last week with Croydon's key political and business figures.
In the lead-up to Mr Osborne's statement, the council has campaigned for the devolution of powers to control local tax revenues which would accelerate major regeneration projects in the borough.
The "Our Time Is Now" strategy proposes the "growth zone" would see locally generated taxes rapidly bring forward the delivery of a £5.25bn regeneration programme - and a development the size of Ebbsfleet.
Croydon Council leader Tony Newman said: "We're delighted the Chancellor has announced that the government will work with the council to create a growth zone in Croydon, which will bring huge benefits to our residents and transform Croydon into a modern, European city.
"For Croydon to be named in the autumn statement shows the huge importance of Croydon and the significance that it holds to London and the wider region."
The council is proposing to retain local tax revenues, such as stamp duty on all new developments, the new homes bonus and business rates, which would fund the necessary infrastructure needed for major developments.
