Mr. John McCarthy:

The transition from the old funding regime to local property tax, LPT, took place within the context of the overall public finances. In a large measure, although not fully, the introduction of LPT was public funding that was previously funded through general central taxation being replaced by a new form of taxation called LPT with greater connectivity between where money was raised and how it was spent and with a capacity for local councils to make some variations. Those amounted to a 15% increase or decrease and allowed greater local discretion.