When figuring out the how business rate retention will work in the run-up to 2020, keep this analogy in mind: imagine you are in the middle of a circus ring holding on to four horses, all pulling in different directions. Keeping hold of these opposing forces is the essence of the challenge around 100% business rates.

What are the four horses in the business rates ring?

Firstly, there’s a horse called Resources. This represents councils who have relatively large business rates tax bases and good prospects for growth.