Council leaders have welcomed the move.
The authority will be given more decision making powers over how money is spent.
Areas affected include transport and infrastructure.
Councillor Hannah Dalton, Chair of Surrey Leaders’ and Leader of Epsom & Ewell Borough Council, said: “This is a great opportunity for Surrey, which I warmly welcome. The devolution of important functions to the county will, over time, support all our local Councils in their work of delivering for our residents”.
Councillor Tim Oliver, Leader, Surrey County Council, said: “I have always been clear in my determination that the residents of Surrey will not be left behind, and this devolution deal with government is a step in the right direction in helping us achieve that ambition.
“Local government and our local communities are best placed to deliver what Surrey needs. I’m pleased that the government is recognising that, with hopefully further devolved powers to local government in due course.
“More control over things like local growth, skills and careers for our young people, lifelong learning provision, the climate agenda, local public transport, and housing, will enable the county council, and partners, to make positive change in Surrey.
“We look forward to working with the government, and with local partners like district and borough councils, businesses, and education providers, to maximise the opportunities this county deal presents for the benefit of all residents.
“This is a positive step in delivering more power to communities.”
