WRC: Retailers welcome action on business rates following Welsh budget

Following the Welsh Finance Minister's budget today, Head of the WRC, Sara Jones, said:

“The below inflation cap on the business rates multiplier at 5 per cent is welcome acknowledgement of the catastrophic effect that this outdated tax has on retailers of all sizes. It’s encouraging that the Finance Minister has heard and acted on the retail industry’s representations. However, in spite of this supportive move, the Welsh business rate will move to a 25-year high and a fifth higher than at the start of the previous decade, and is higher than anywhere else in Great Britain.

“Whilst we are encouraged by the Finance Minister’s recognition of the challenges faced by the retail industry it is vital that decision makers use all levers available to reform the rates system and keep the cost of doing business down by removing unnecessary burden. Retail trading conditions remain challenging, and the near-term economic outlook is weak, it is clear that further support will be needed in the short to medium term to aid retailers with the cost crisis, helping them keep down prices for customers”.