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LOW INFLATION REVEALS EXTENT OF BUSINESS RATES HIKE

[ 24-03-2015 ]

Commenting on the release of official data which shows that the rate of inflation fell to 0.0%, Liz Cameron, Chief Executive of Scottish Chambers of Commerce, said:

 

"The fact that inflation now sits at 0.0% reveals just how out of step business rates increases have become. Instead of annual rates increases being in step with inflation, next week will see bills rise by 2%, far in excess of the current rate of inflation.

 

"Indeed, since the last revaluation in 2010, business rates revenues in Scotland are projected to have increased by £731 million by 2015-2016, which represents some £470 million over and above the rate of inflation.

 

"With the Scottish Parliament's basket of taxes growing and a full review of business rates being implemented in England, it is time for constructive change here in Scotland."

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