Deputy prime minister Nick Clegg is to chair a new Cabinet committee charged with driving local growth and job creation across England.

Set to be announced this evening in Sheffield, the Local Growth Committee will discuss the design and implementation of the pot of money in Lord Heseltine's Single Local Growth Fund.

Agenda items for the committee – which is set to meet for the first time before the summer recess – are likely to include implementation of two waves of City Deals and allocation of Regional Growth Fund money.

Chancellor George Osborne will act as deputy chair on the committee, while communities secretary Eric Pickles and secretary of state for transport Patrick McLoughlin will be among its members.

Speaking tonight, Mr Clegg is expected to say: ‘If you want to give more power back locally - such as the freedom to drive local enterprise, more power to retain business rates and generate investment - you've also got to change what happens at the centre.

‘We need to break down the silos that exist in Whitehall, with the right hand not talking to the left hand.

‘Where there's an opportunity locally, you can rely on us centrally to deliver what we've promised. And change once and for all the Whitehall culture that says devolution is good, as long as it's not my department you're talking about: with faster decisions, a joined-up conversation about local growth and even greater ambitions to hand power back.'