The Local Government Finance Act 2012 received Royal Assent on 1 November, paving the way for councils to receive a half-share of locally raised business rates revenues.

Under the Act, councils will keep an estimated £11.5bn, half of all business rates levied within their area, as a 'local share'. The other half, the 'central share', will be taken by the Government and redistributed in full to local authorities in the form of needs-based grants.