Local government minister, Bob Neill, has dampened down speculation of early changes to the local government funding regime.

Speaking at the launch of a Localis think-tank report into localising the business rate, the minister, who is leading the DCLG review into local government finance, told the audience: ‘We don't want to rush forward too quickly, and we can't just wave a wand and go back to where we were in the 1980s. This isn't something that can be done at the snap of the fingers.'