Responding to the Welsh Government’s Draft Budget, Ben Francis, FSB Wales Policy Chair, said:
“Following campaigning by FSB, the Draft Budget has delivered an extension of the rates relief for retail, leisure and hospitality businesses and the multiplier used to calculate rates for all businesses has been capped. We welcome that the Welsh Government has heard our concerns. This lifeline will be crucial for many businesses in a context of razor-thin margins and soaring costs, helping them to reposition themselves for the next stages of economic recovery.
“These measures are particularly important against a challenging backdrop for small businesses, with inflation and energy costs spiking, whilst many small and medium employers are facing increases in employment costs.
“In the longer term, the Welsh Government must deliver a business rates framework that aligns with a forward-looking mission to drive prosperity and addresses the imbalance between our small-town centre retailers and large out-of-town developments.
“Investment in infrastructure is key to future growth, and the Welsh Government’s announcement of additional funding for rail projects, fixing potholes and accelerating planning is therefore encouraging. Additional funding and a clear drive to unlock the planning system is welcome. It is vital that these benefits are distributed equitably, supporting a wide range of developments.
“Ultimately, the true test of the Draft Budget and whether it will succeed in delivering a brighter future is whether it ends Wales’ prolonged period of economic stagnation. For the economy to grow, we need more people in all parts of the country to be incentivised to set up or expand their business, in turn, creating jobs and opportunities.
"To achieve these goals, we urge the Welsh Government to work closely with businesses to develop a long-term economic delivery plan. This must be underpinned by adequately resourced regional structures and performance metrics, and focused on creating a supportive business environment, easing regulatory burdens, and boosting access to finance.
“Businesses will now be looking to the UK and Welsh Government to articulate how they will work together to deliver policies that empower small businesses to drive innovation, create jobs and unlock the potential of our local economies.”
Ends.
