Part of 1. 1. Questions to the Cabinet Secretary for Economy and Infrastructure – in the Senedd at 1:36 pm on 5 October 2016.
Yes, indeed, I would. And I’d say that, in the Member’s constituency, there have been a notable number of success stories in recent years—successes that have been driven in part by the availability of support from Welsh Government. To name but a few: Ashwood Designs, Rokel Engineering, Heighway Pinball Limited, and Elite Paper Solutions, demonstrate what can be done when the private sector works hand in hand with Welsh Government. I’m very pleased to say that we now have a record number of active enterprises headquartered here in Wales, and the latest figures show that Wales has the highest number of new businesses in more than a decade.
Now, the Welsh-Government-funded Business Wales service, which provides access to information, advice and support to both existing and start-up small and medium-sized enterprises throughout Wales, can be accessed online, via telephone, or as a face-to-face service. And a new £5 million growth and prosperity fund aims to stimulate economic growth by providing capital support to projects, to SMEs delivering job creation or safeguarding jobs, and also levers in additional investment and forms part of our business confidence plan.
The Member also rightly raises the significance of the small business rate relief scheme, which is to be extended for 2017-18, and there will be a new permanent scheme for 2018 onwards. And, thanks to this scheme, we already provide approximately £98 million in relief to businesses in this current year. Around 70 per cent of premises qualify for relief, and around half of all eligible businesses pay no rates at all.