Cities and Local Government Devolution Bill [Lords]

Let me take the right hon. Gentleman back to the subject raised by the right hon. Member for Wokingham (John Redwood)—the issue of where the money comes from to finance devolution. The Secretary of State will be aware of the work of the current mayor championing full fiscal devolution for London—not just of business rates, but of a series of other local property taxes. Why has the Chancellor resisted devolving control of those additional property taxes?