I have called on Dundee City Council to follow the example set out in the "Preston model" which has assisted the English town to improve its prospects by aiming to retain money from public projects in the local economy.
Such a plan is essential to enable local firms to be awarded to local firms as Dundee's Waterfront scheme progresses.
It is disappointing that the people of Dundee have not received the maximum benefit which they could have from building investments — the contracts go to large businesses with little staying in the local economy.
Instead of outsourcing profits and jobs consideration should given to how money could be kept in the local economy.
In some respects this is about how contracts are let, making sure that local companies can compete by not making the contracts so big that only multi-national companies can apply for them.
It is about employing local people where possible and about buying from local suppliers where possible.
Often when a business in Dundee goes bust politicians line up to wring their hands and say how terrible it is whilst at the same time supporting a system which stops the local council from spending money locally as the default situation.