Leading the Welsh Conservative debate on business rates, local Member of the Senedd for Monmouth Peter Fox called on the Welsh Government to do more to support local businesses during these difficult times.
During the debate, Peter recognised that from the pandemic to the current energy crisis and inflationary pressures, businesses have been subject to a range of challenges over recent months that have held back their potential.
Whilst many firms have tried to absorb price pressures over the last few months already, this is clearly not sustainable in the long-term.
During the debate, Peter recognised that support has been provided to businesses but that more help was required:
"Just a few examples of this includes the UK Government’s Furlough Scheme, which provided significant help for businesses during the pandemic. As well as the Energy Bill Relief Scheme that was recently announced.
The Welsh Government’s amendment, as noted on the agenda, also lists the support that it provides to businesses across Wales. Which of course, we on this side of the Chamber welcome.
But more help is needed. There’s not just a cost-of-living crisis at the moment, but a cost of doing business crisis as well."
Peter highlighted that non-domestic rates - also called business rates - are one of the main barriers to growth, with rates currently higher in Wales than in any other part of Great Britain.
The MS for Monmouth used the debate to propose solutions that could be introduced over the coming months to help businesses survive, whilst wider reforms are considered:
"For example, FSB Cymru have called for the reintroduction of a 100% business holiday for retail, leisure and hospitality businesses whilst this uncertain economic climate continues.
At the very least, there could be a consideration of extending the current 50% relief scheme beyond its current lifetime during these difficult times.
Or the Government could maintain the freeze on the multiplier so that businesses can at least plan with some certainty.
I would also argue that we could look at splitting the multiplier – much like what we see in other parts of the UK – so that small businesses are not treated in the same way as larger businesses, encouraging growth."
