Taxing times for investment

Yet this must not be at the expense of a debate on wider economic strategy, including how the regeneration of Yorkshire's towns and

cities can be kickstarted following the downturn and public sector spending freeze.

The importance of this issue has been brought about by the extent to which Yorkshire Forward's budget for urban and rural renaissance is being cut – and how this is already impacting, for example, on plans to revitalise the centre of Rotherham.

The reason is two-fold: the diversion of funds to help young people on to the housing ladder, and the spending that was brought forward last year as part of the Government's wider fiscal stimulus.

Typically, this consequence has been ignored as Labour and the Tories argue about the merits of RDAs.

Yet, as this newspaper's Manifesto for Yorkshire highlighted yesterday, much work still needs to be undertaken to capitalise upon the projects that have already breathed new life into those urban areas that were previously symbols of decay and despondency.

For example, the centres of Leeds and Sheffield are now unrecognisable in comparison to the 1980s. Hull's renaissance is also continuing, albeit at a slower pace.

Yet the virtually "mothballing" of so many retail schemes – the very developments that, in turn, attract new jobs, housing and leisure amenities – means that there are some parts of this region, Rotherham and Bradford being prime examples, that will be left behind unless Yorkshire Forward, and others, have sufficient scope to attract new sources of inward investment.

This is in the wider interests of the public purse. For, put simply, more private enterprise means parts of Yorkshire being less dependent on the public sector for jobs and welfare benefits.