The Budget of 2014 was full of good news for cities, as the Chancellor used his annual statement to introduce a range of measures designed to support the growth of our urban areas now, and in to the future.

The biggest boost for cities and their surrounding areas was the announcement that the recommendations of the London Finance Commission would be enacted in full, with additional powers also extended to other big city regions, like Manchester and Leeds.

Relaxing restrictions on borrowing for capital investment within prudential rules and devolving revenue streams, including from the full suite of property taxes, will afford London government the autonomy to invest in the capital and increase its accountability to London's residents and businesses, without affecting the financial settlements of other parts of the country.

And devolving further powers and freedoms to our other city regions across the country will build on the progress made through City Deals to ensure our urban areas fulfil their potential, and can continue to drive the recovery of the UK economy in 2014 and beyond.

Also welcome was the decision to increase the size of the Single Local Growth Fund to give local areas greater discretion over even more of the public money spent in their area.

The Government's implementation of this part of Lord Heseltine's recommendations has the potential to mark a step change in the relationship between central and local government.

By using anticipated departmental underspend to increase this fund from £2bn to £5bn, the Government has given LEP areas the chance to start to make decisions more independently from Whitehall, targeted to the specific economic needs of cities within their areas and the people who live and work there.

The Budget also provided a welcome boost for high skilled jobs through the creation of a new City Centre Growth Fund.