Followers of local government finance will be aware that since early 2016 various groups have been wrestling with the next stage of rates retention – councils moving to a greater share of business rates and the ‘resetting' of the system.

For two years, the groups have grappled with the increasing complexity of the scheme, while a range of thorny issues, from the appeals challenge to the reliefs regime, have conspired to present levels of funding risk that were challenging to manage in an environment of ever reducing direct grant funding.