I had a small part in the last Middlesbrough city bid at that point two recently designated cities Sunderland and Preston were asked to quantify what difference city status had meant to them. I always thought Preston in particular was a good comparison for Mbro.
They both came back with serious monetary values. Businesses and shops (remember them) all instantly gained more status and they saw higher paid positions and better goods etc. City status attracted a lot more funding to infrastructure even down to museums.
Middlesbrough bid was as a centre for Teesside as a whole. So, Stockton and Redcar etc would share in resultant funding etc that was the agreement. For instance Stockton Arc would have been a city status art centre.
The main argument was Teesside as a connurbation of approx 0.5 million was the biggest in UK without a city. I suppose the present mayor of Tees Valley is part of the same argument - you draw in more funding from government and private from.business. Sunderland and Preston both said they got £millions more in investment just by being called a city. Given those answers why on earth would you not try to join the city club.