The winning city will become a focus for national attention in 2013 and could host high-profile media events including the Turner Prize, BBC Sports Personality of the Year, The Brits and the RIBA Stirling Prize as part of their year in the spotlight.
Building on Liverpool's success as European Capital of Culture in 2008 the Government said the successful city could expect to see economic and social benefits flow in, leaving a lasting legacy.
The Government said no public funding would be made available but that there would be ‘tangible marketing benefits' due to the events held in the area. There has also been a commitment from the BBC and Channel 4 to support the project.
The title and programme is also likely to help attract private sector sponsorship, help the city host events and encourage other public funders to bend their funding programmes to support the city.
Cities and urban areas will have until 16 October to submit an outline application, with a deadline of 11 December for initial bids.
The winning city is expected to have plans for a high quality cultural programme that reaches a wide variety of audiences, and uses culture to lead to lasting social regeneration.
Source: marketingmagazine.co.uk