As we approach another budget, debate once again moves to when, or if, we will see an end to austerity and what can be done to promote growth. Austerity now seems like it will be with us well into the latter part of this decade with little prospect of an end to public expenditure cuts.

This presents a real challenge to the public sector. How can we promote growth while cutting public spending? There is no doubt that freeing up red tape can help but on its own it is unlikely to lead to a massive expansion of investment. Private sector funding for infrastructure projects is still hard to find and the public sector remains concerned about debt levels and the associated financing costs.