Warwick Lightfoot is Director of Research at Policy Exchange. He is a former special adviser to three Conservative Chancellors.
After a decade of forward guidance, credit easing and quantitative easing, it was clear even before the Covid-19 crisis that monetary policy had run out of road.
Local authorities have responsibility for important and complex public services. Yet they have a limited tax base.
Reform must be phased, to allow farmers to adapt, but it will pay dividends.