If any more evidence was needed for backing the Northern Powerhouse, Midlands Engine and devolution to other regions and countries then latest regional public finance figures should be the clincher.

The good news is that the fiscal balance, the difference between tax revenue and public spending, has improved in all England's regions as well as the UK's devolved nations since 2010. The bad news is that London, the South East and eastern region continue to subsidise the rest and the gap is widening. The figures from the Office for National Statistics do not drill down to local authority level but if they did they would doubtless find that the City of London is providing the lion's share of the capital's revenue. All this is concerning considering fears about loss of financial service post-Brexit.