Priorities for major road and rail schemes will in future be set by a new local body called Transport for Lancashire, giving local representatives a bigger say on improvements in the area.
The government announced its intention to hand power to new local transport bodies last year as part of its localism agenda.
Edwin Booth, chairman of the Lancashire Enterprise Partnership, said: "As a committee of the LEP, Transport for Lancashire will allow the private and public sectors to speak with one voice to ensure we get the best possible deal for the area.
Transport for Lancashire is currently considering a long-list of candidate schemes and will shortly announce which of them it will take forward as priorities.
County Councillor Jenny Mein, leader of Lancashire County Council and chair of Transport for Lancashire, said: "This marks a very significant change in the way decisions will be made about the infrastructure and services we need to support our economy and create local jobs.
"We'll still need to demonstrate that each scheme will achieve on its promise, and be good value for money, but working with the private sector through the LEP will create much greater certainty for our residents and potential investors."
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