Cllr Anderson added: “We will bring together the business acumen of some of the country’s top performing companies linked with strong political leadership and backed by our excellent universities and colleges.

“Our priority is to move from an economy dominated by the public sector to one where the majority of jobs are in the private sector, created by entrepreneurs and businesses.

“We firmly believe we have the assets, capacity, skills and commitment to close the economic and skills gap between our region and the rest of the UK.”

The proposal is based on the city region’s track record over the past three years stating that 110 inward investments have been completed, the creation of 5,131 jobs and the safeguarding of 5,408 more.

Peel Holdings, which is behind the multi-billion pound Liverpool and Wirral Waters schemes, has submitted its own rival LEP to cover the so-called Atlantic Gateway from Salford to the mouth of the Mersey.

It would take it in councils across Merseyside, Cheshire, and Greater Manchester.

The proposal is being seen as a way of raising the profile of Peel’s huge investment plans in the region, rather than a contender that could derail the Liverpool city region plan.

Mr Holmes said: “LEPs offer a real opportunity for significant change. What we have proposed will determine how we go about building our economy here.

“This submission sets out the case for city regional delivery of tourism, inward investment, employment and skills, enterprise support and innovation together with asset management.

He said the plans concentrate on areas that could deliver transformational change.