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Former deputy prime minister Lord Heseltine will chair a panel that will recommend to ministers which projects should receive funding from a new £1bn regional growth fund, the government has announced.
The Regional Growth Fund will be aimed at boosting regional economies and will support projects, including the creation of new jobs, especially in those areas dependent on public sector employment.
A consultation has been launched on the fund, announced in last month's emergency Budget.
Launching the fund, deputy prime minister Nick Clegg said: "The Regional Growth Fund is an innovative new mechanism to unleash the talent and drive that will help get the country back on its feet.
"Now is the moment to rebalance our economy so it is sustainable and fair.
"Instead of following a broken model of unbalanced growth that put the financial sector first, we must help growing companies and entrepreneurs thrive, bringing jobs and prosperity to their communities, and as we take action to reduce public spending and bring down our towering deficit, supporting places that have become overly reliant on public sector employment must be a priority."
Lord Heseltine said he was "delighted" to be involved in the project.
He added: "This is about local people, local initiatives and local success in areas where the inevitable cuts will be most heavily felt."
The move follows the announcement from communities' secretary Eric Pickles that the nine government offices in England's regions are to be abolished.
The nine offices coordinate activity between local authorities and also between local and central government, employing about 1,500 people.
Decisions on the functions of offices and their staff will be made in the autumn spending review.
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