Low-tax Investment Zones

Part of 2. Questions to the Minister for Economy – in the Senedd at 2:25 pm on 19 October 2022.

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Photo of Natasha Asghar Natasha Asghar Conservative 2:25, 19 October 2022

Thanks, Minister. I recently met with the Federation of Small Businesses Wales to discuss the problems facing companies trying to grow and thrive in the current difficult economic climate. Against a backdrop of uncertainty, it was made clear that alleviating cost pressures for small and medium enterprise must be a priority for the Welsh Government. In that context, there was dismay and disappointment at the scepticism expressed by Welsh Ministers about the UK Government's policy of investment zones, which are designed to drive economic growth by a variety of tax, regulatory, innovative flexibilities and planning simplifications. These include 100 per cent relief from business rates on newly occupied business premises. Minister, given the UK Government's intention to establish investment zones, will you commit to engage constructively with Westminster to ensure Wales is not left behind so that Welsh businesses can capture the potential for increased economic activity and create the high-skilled jobs that we all want to see? Thank you.