Would an independent Scotland be able to keep the pound? That's the devolution issue of the week, in a year in which the Scottish referendum has brought – and will keep - the topic centre stage. Wales too is gaining more powers and freedoms.

So how might further devolution enable England's great cities to boost their economies?

The UK is one of the most centralized countries in the developed world: on average, only 17% of local UK taxes are raised locally, compared to an average of 55% across OECD countries.