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JLL’s Head of Rating comments on latest RPI inflation figures

Tim Beattie, Head of JLL Rating, UK comments on the latest Retail Price Index (RPI) figures

​London, 14th October, 2014 - Commenting on the latest Retail Price Index (RPI) figures, Tim Beattie, Head of JLL Rating, UK said: “The latest announcement that RPI inflation for the year to September 2014 was 2.3%, its lowest level since November 2009 is important for businesses as this figure drives the small and large business rate multiplier for 2015-16. Businesses will be hoping that the Chancellor will again use the legislative powers at his disposal to reject the RPI figures and instead use the lower 1.2% Consumer Price Index (CPI) measure to peg the rate multiplier, preventing a heavier business rate bill and burden. 

“However what businesses really want is a commitment from the government for a much wider reform of the Business Rate system and the government’s detailed response to the two consultations it undertook last year is eagerly awaited. I believe that this is an important opportunity to implement a fairer system to include more frequent revaluations combined with a fixed tax rate or multiplier so that the tax yield varies with the prevailing economic conditions along with a return to the pre-2008 empty rate regime.”