The dearth of bank lending for UK corporates is well documented. Less discussed is the impact on whole cities. Leeds in West Yorkshire was forced to ditch its initial bank-funded plan for an ambitious social housing regeneration project to redevelop the areas of Little London, Beeston Hill and Holbeck. It has, instead, turned to the debt capital markets.

The project was initially going to be financed by the Co-operative Bank and Nationwide building society but towards the end of last year fears were raised about the their commitment to the long-term project and spiralling costs, according to sources close to the transaction.