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HIGHEST RPI IN 20 YEARS DEMANDS ACTION ON BUSINESS RATES FROM UK GOVERNMENT
[ 18-10-2011 ]
Commenting on the news that CPI inflation has risen to 5.2% and that RPI inflation now stands at 5.6%, Liz Cameron, Chief Executive of Scottish Chambers of Commerce, said:
“These inflation figures are crucial for Scottish businesses because it is usual for business rates to have their annual uprating in line with the RPI figures in September. This month’s RPI is the highest rate for over 20 years and if the UK Government decides to raise the business rates poundage by 5.6% next April - a move which would be mirrored by the Scottish Government north of the border - then this would be bad news for Scottish business, who are already struggling to cope with rising costs.
“The onus is now on the UK Government over the next few days and weeks to take the unusual step to adjust the rates poundage by less than the rate of inflation. At a time when the UK economy is struggling to maintain weak growth, the last thing our businesses need is to face a record annual rise in their rates bills next year. A 5.6% rise would be unwarranted in the current economic climate and we ask that the UK Government mitigate this increase, thus allowing the Scottish Government to do the same.”
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