Business rate increase misguided says CBI
The Confederation of British Industry (CBI) has said that the current Retail Price Index (RPI) has highlighted the fact that the impending rise in business rates is misguided.
The business rate increase was based on the RPI taken in September 2008, which stood at 5%, and does not take into account the fact that it now stands at 0%. Dr Neil Bentley, director of business environment for the CBI, said: "The Government should freeze business rates for two years, helping companies to survive the recession and saving jobs." The new business rates are due to come into force at the start of the new tax year in April.
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