Well bang goes local government finance. This week, Boris announced that business rates, the future mainstay of council budgets, would be cut. He told the CBI conference: ‘And to make sure that the businesses of this country can continue to flourish I am announcing today a package of measures cutting business rates further. We will have a big review of business rates.' Cutting rates further, particularly for SMEs will help above all, to stimulate the high street.'

Great news for struggling retailers but not much for struggling councils. It is becoming increasingly clear that the idea the latter can rely on an unstable, declining tax base like business rates is a non-starter. In The MJ this week Gary Fielding, the president of the Society of County Treasurers, calls for a return to revenue support grant or even funding through general taxation.