If we are to believe that austerity is history and public spending will rise, then boosting the economy to generate the necessary tax revenues becomes even more vital. Unfortunately, Brexit tailwinds are dragging down GDP, pushing up inflation and shrinking consumer confidence even before a deal to leave the EU is agreed.

Local authority economic development departments could be running up a down escalator if all the doom-laden warnings about the impact of Brexit on regional economies turn out to be accurate. While on the one hand the Government is promoting devolution to combined authorities so they can take better charge of their economies, on the other hand, a badly negotiated Brexit could permanently damage local jobs and growth. The Government’s much-vaunted Industrial Strategy threatens to be an empty gesture.