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based on RPI

10th October 2013, Page 25
10th October 2013
Page 25
Page 25, 10th October 2013 — based on RPI
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Which of the following most accurately describes the problem?

This year's allowance increase was the subject of a series of lengthy and detailed talks between the RHA and HMRC that began last year. The rise was based on the retail price index (RPI) figure on 1 October last year of 3.2%, and the actual increase is just below — by lp or 2p — the figure the RHA asked for. The next round of negotiations will begin in November this year once the RHA has the latest RPI figures.