Billed as the ‘Budget for the next generation', it failed to address many of the challenges our cities will face during the next Parliament and beyond. The chancellor's commitment to new infrastructure is welcome. And he proudly trumpeted a long list of new combined authorities and proposals for new mayors from Teesside to the West of England.

But devolution is about more than transport projects and governance arrangements. What we need and what was lacking from last week's Westminster set piece is a ‘place-based' approach – one that will plug the country's productivity gap.