Surrey County Council to revise LEP business plan
A revised bid to form a business partnership to promote economic growth in Surrey is to be submitted.
Surrey County Council said it would rework its plan for a local enterprise partnership (LEP) after the government gave its first bid "an amber light".
The partnerships were brought in last year by the government to replace dismantled regional development agencies.
LEPs aim to encourage growth by giving local firms access to public funds.
M3 partnership approved
The authority said the plan would cover Surrey's boundaries while recognising the need to build relationships with neighbouring areas.
Surrey County Council leader Dr Andrew Povey said continued investment was vital.
He said: "Surrey is a powerhouse of the national economy and requires an LEP of its own to reflect this.
"It is vital that there is continued investment in Surrey's success to ensure the UK carries on benefiting from our economy."
Last month, an LEP covering the M3 in part of Surrey and north Hampshire was approved by the government.
Guildford Borough Council said it was a major boost for the area around the motorway, which already produced goods and services worth £25bn each year.