The Office for National Statistics has announced that inflation has fallen by 1.7% from its peak at 5.6% in September 2011. This announcement adds to business organisations' case against planned 5.6% increase in business rates to come in this April. Commenting on the drop SGF Chief Executive, John Drummond, said:
“The Scottish Government’s commitment to hike up business rates by 5.6% in April was a missed opportunity to support struggling businesses the length and breadth of Scotland.
“The ONS figures now show how excessive the 5.6% hike is, a rise which has added more than £30m to the retail sector’s tax bill alone.”
“We welcome the Cabinet Secretary’s commitment to allow businesses to spread the 5.6% increase over three years but this sugar coating doesn’t disguise the fact that figures like today are a bitter pill to swallow.”