Diolch. I move the motion to approve the Non-Domestic Rating (Multiplier) (Wales) Order 2021. The Order sets the multiplier for non-domestic rating purposes for 2021-22. In 2017, the Welsh Government set out its intention to change the measure of inflation used to calculate the multiplier in Wales from the retail price index to the consumer price index from 1 April 2018, and this has been effected through annual Orders approved by this Senedd.

On 15 December, I announced the decision to move away from this position for 2021-22. Instead, the multiplier will be frozen. The Non-Domestic Rating (Multiplier) (Wales) Order 2021 has the effect of revoking the Non-Domestic Rating (Multiplier) (Wales) Order 2020, which applied the approach in place before 15 December of increasing by CPI. The Order needs to be approved before the vote on the local government finance reports on the final local government and police settlements for 2021-22, or before 1 March 2021, whichever is earlier.

The Non-Domestic Rating (Multiplier) (Wales) Order 2021 will set the multiplier so that it remains at the level set for 2020-21. The Order will result in there being no increase in the rates bills to be paid by businesses and other non-domestic property owners in 2021-22. Capping the multiplier by using the lower inflation measure of the CPI between 2018-19 and 2020-21, alongside freezing the multiplier in 2021-22, will result in rate payers in Wales saving over £90 million on their rate bills since 2018-19.

The Local Government and Elections (Wales) Act 2021 contains provisions to make a permanent change to the basis for increasing the multiplier from 1 April 2022. Our intention is to use CPI in future years. I'm grateful to the Legislation, Justice and Constitution Committee for its consideration of the Order. Non-domestic rates policy is largely devolved. Freezing the multiplier prevents increases in rates bills that rate payers would otherwise face. This change will help businesses and other rate payers in Wales, particularly given the pressures that they've been facing, while maintaining a stable stream of tax revenue for local services. The change is fully funded by the Welsh Government, and there will be no impact on the funding provided for local services. I therefore ask Members to approve the Order today.