Conversations with local economic development officers this week reminded me, once again, of how difficult it is to fund the desperately needed transformation of places.

This scarcity of funding means councils have to be pragmatic. Many are attempting to develop funding packages from the many and various national schemes and there is an ever-increasing reliance on private sector investment both from the UK and abroad. But there is a bitter irony in a Government thinking it can continue to cut funds to local government yet still expecting the sector to devise top notch investment propositions for private investors.