Part of 1. Questions to the Minister for Finance and Local Government – in the Senedd at 1:48 pm on 28 September 2022.
Thank you for that, Minister. I'm still slightly concerned because there does not seem to be a clear strategy from Wales's Government of how they are going to specifically support businesses moving forward at a very difficult time. I know you're already reviewing the future of non-domestic rates in Wales, and I look forward to seeing your suggestions in due course, but we also know that, currently, rates here in Wales are higher than in other parts of the UK, whilst the Welsh multiplier is already at a record high. But add in the concerns about the impact that the current high level of inflation will have on business rates on top of the existing concerns and it's clear to see why the sector is calling for urgent help to ease the pressure on them. In fairness, I do want to welcome the business rate relief scheme that the Welsh Government has previously announced, particularly during COVID, but clearly we need a new approach to business taxation that incentivises rather than disincentivises growth and job creation.
In the short term, Minister, do you agree with calls made by the Welsh Retail Consortium for you to use your upcoming budget to, at the very least, freeze business rates in order to support retailers during these difficult times? And in the longer term, would you consider looking at more innovative ways to encourage business growth, such as a tapered approach to business rates for start-ups and relief schemes for those businesses looking to expand to additional premises and take on new employees and apprentices? Thank you.