I thank the noble Lord for those comments. The formula that we are looking at is in essence about redistribution. It is in three separate phases. The first is to look at the relative needs of different areas. The consultation on that has concluded and we will be publishing its results when the second phase of the consultation, looking at relative resources, starts in December. The third stage, which will be in late spring or summer next year, will look at allocations and transitional arrangements. The noble Lord is right that the situation has its complexities; there is a simplicity about the aims, but the difficulty will be in their delivery. As I say, though, that sits alongside looking at resources and the spending review that will go alongside it, so those are two separate matters. The business rate retention scheme, at 75%, will also kick in when the fair funding formula comes in, in April 2020.