There is no doubt that yesterday was a hugely significant day in the life of local authorities across the country.

The Government announced the cuts in its central funding to councils and, at the same time, unveiled the much-trailed Localism Bill which is aimed at transforming the way they operate.

Firstly the fact that the cuts were not as severe as they could have been does nothing to lessen concerns about their impact.

There is no doubt that the £67m reduction Bradford is facing over the next few years is a huge sum of money to be taken out of our local economy.

It may well be the case that an expanding private sector is able to fill at least some of the space left by a retreating public sector – but this is by no means a certainty.

Bradford’s entrepreneurial spirit provides some hope that this may happen, but even if it does, there will naturally be a painful transition period for many.

The Localism Bill, meanwhile, is supposed to deliver “a new democratic settlement to councils, overturning decades of central government control”.

It includes measures – such as allowing councils to borrow against future business rates receipts for example – which certainly sound positive.

But whether the Bill makes any real difference here in Bradford in the face of such massive reductions in the Council budget, only time will tell.