Chancellor Rishi Sunak announced that a devolution deal had been struck with the city-region.
The Budget documents said that the deal would provide £1.1 billion of investment for the area over 30 years, as well as devolving significant new decision-making powers on transport and skills as well as planning.
The government also announced that it would be investing £4.2 billion in the transport networks of eight city-regions across England from 2022-23.
The Budget documents said funding would be delivered through five-year transport settlements agreed with central government and based on plans put forward by mayors.
The government said it would open discussions with Greater Manchester, Liverpool City Region and West Midlands "in the coming months".
The new West Yorkshire Combined Authority, Sheffield City Region, Tyne and Wear, West of England and Tees Valley will also receive settlements, it said, "subject to putting in place appropriate governance to agree and deliver funding, including an elected mayor for their city regions and transport networks".
The documents said that resource funding to support the city regions with planning and delivery of these settlements would be set out at the Comprehensive Spending Review.
The government also said it would publish an English devolution white paper in the summer, setting out how it intends to meet its ambition for full devolution across England. It has previously said that this white paper will set out plans for more city region mayors.