The UK’s local councils are pressing the government to agree a single nationwide figure for town hall pensions deficits – one that is likely to be half the previous reported shortfall of £47 billion.

For years, management of the deficits in the £226 billion Local Government Pension Scheme, collectively one of Europe's largest pension schemes, has been hampered by the fact that its 100 sub-funds, each under the control of a different council, have different methods for calculating their solvency.