The promise of devolution loomed large in Jeremy Hunt's recent Budget. More devolution deals were pledged, two of the current ones are being dramatically deepened and there will be more local retention of business rates.

Devolution is rightly seen as a means of speeding up growth – it isn't Whitehall which can best overcome the barriers that have held it back. And it is also seen as a means to facilitate ‘taking back control', with power shifting closer to the people.