As inflation figures published today show inflation continues to fall, Scottish Chambers of Commerce Chief Executive Liz Cameron has reiterated her call for the Government and the Bank of England to respond to economic realities.
Liz Cameron commented 'Both CPI and RPI inflation have fallen back again in November. This is welcome news and not unexpected.
'The inflation figures published today are yet another illustration of why the UK Government should have moved away from its historic attachment to September's peak 5.6% RPI figure in determining next year's business rates poundage. The Scottish Government still has time to stop this extra burden being added to hard-pressed Scottish businesses, and pull back its poundage rate increase to the expected 5.2% figure, rather than rake in extra cash from businesses that can ill afford to pay, on the back of a coincidental 20 year peak in RPI inflation two months ago.
'The Bank of England must also play its part in stabilising the environment for businesses across Scotland and Britain. The still unresolved Eurozone crisis is just one, albeit major, factor creating a context of continuing economic uncertainty. Today's figures vindicate our call for the Bank of England to do its bit by committing to maintaining interest rates at 0.5% throughout 2012.'
