For too long, local government finance rules have forced councils to go cap in hand to the Treasury like a child asking for pocket money. So, at first glance, plans to allow authorities to retain all the funds raised through business rates are most welcome.

However, this might not be the great emancipation many have longed for. We may have to wait until the 25 November Spending Review for full details but from what we've seen so far this looks less like a full scale rates revolution and more like a half-hearted attempt at financial devolution.