There is little surprise from recent research showing that London is bankrolling most of the rest of the country following business rate revaluation. London’s soaring property prices are hardly a revelation and so long as business rates are based on bricks and mortar they will be skewed towards those areas with rising real estate values.

None of this however diminishes the real concern that apart from highlighting persistent deep economic inequalities based on geography the research shows property-based taxation in the digital age is a volatile foundation on which to base future local government funding.