An important new force in our political and economic landscape will continue to take shape in Newcastle later this week.

On the day after the Chancellor’s budget we host the second meeting of the Core Cities Cabinet, bringing together the leaders of those great cities which throughout history have provided the bedrock of our country’s social and economic strength.

From Manchester, Liverpool, Sheffield and Leeds to Birmingham, Bristol; Nottingham and Newcastle, together we represent over 16m people and contribute 27% of the UK’s economy.

In fact, the English regions are where most people in our country live and work. We have huge potential, but currently we are underperforming. We can do so much more to stimulate jobs and investment and help our economy return to growth.

We are glad the Government has recognised this through its endorsement of the vast majority of Lord Heseltine’s recommendations. We believe they are a useful and constructive start, but there is still much to do to make sure our regional cities become engines of growth.

Lord Heseltine made it clear in No Stone Unturned in Pursuit of Growth that we need to see bolder action to stimulate the economy – including the transfer of £49bn from central government to the English regions to help local leaders and businesses reinvigorate the big cities that have fuelled the growth and wealth of the country in past decades.

There is a pressing need to rebalance our economy in this way. We are working together, to show how this can be done, and we are ready and willing to engage positively and constructively with the Government to make it happen.

We also need need to adopt the recommendations on public sector reform, making sure bodies work better and more collaboratively with one another.

We hope that the Government will recognise the unique opportunity to listen to what the Core City Cabinet has to say and to work with us in developing a new approach to growth.

We stand ready to work with the Chancellor and his Cabinet colleagues to help to stimulate the growth which they so far have struggled to find.

Nick Forbes is leader of Newcastle City Council.