There is a bleak irony that while the political parties are busy campaigning on a promise of delivering 100,000s of new homes, the Chancellor of the Exchequer threatens to derail those very regeneration and housebuilding projects across the country by tying councils'  hands behind their back.

The 1% interest rate rise on council  borrowing through the Public Works Loan Board (PWLB), from 0.8% to 1.8% above gilt yields, equates to a 125% increase and could see councils paying an extra £70 million to borrow next year, according to the LGA.