A year or so ago, I am sure we were all hopeful that the complex and unpopular formula grant system would be replaced by a system that was less about distribution and more about incentive. As I write this, it would appear that the latest proposals are a different system of distributing money – with a little bit of incentive mixed in somewhere.

The proposed operation of the 50% central share, Treasury growth targets, and the proportionate levy mean that for many districts there is little extra cash ever likely to flow through the system. Some districts have estimated that they may keep less than 10% of any increase in yield.