A business rate-payer recently asked me to explain what was going to be different in the brave new world of 100% rate retention and his response at the end of my explanation – ‘not a lot then' – made me wonder if this is a case of the emperor's new clothes.

Apart from the positive move to introduce a national rates appeals provision, albeit as a top-slice from the overall business rate income and the removal of the levy so that those who are able to generate growth can keep it all, how much is going to change?