For the past decade, the spectre of local government's outdated finance system has haunted the sector.

When I first started at The MJ, the idea of returning the business rates to local control seemed an absurd fantasy. Then the Lyons review was commissioned and extended, initially courted but later throttled. Finally, a seminal piece of work on the potential of the sector was kicked into the long grass. All based, of course, on the premise that the reforms it contained were a bit hard for all but the bravest of politicians.