The Welsh Assembly’s Economy Committee has recommended several changes to the business rates system in Wales.
Sara Jones, Head of the Welsh Retail Consortium, commented:
“The Committee’s recommendations for improving certain aspects of the administration of business rates in Wales are a welcome first step, however it is crucial that the eye of reform is fixed on a far bolder modernisation of our outdated business rates system. Welsh retailers want to see fundamental reform of business rates for all, whether that be small, medium sized or larger businesses. What is abundantly clear is that the current system is not fit for purpose, is deterring investment and leading to shop closures and job losses. Instead of creating winners or losers or more complexity, the focus should be on more regular revaluations, an immediate cap on the escalating multiplier and timetabled medium-term plan for a reduction in rates to 1990 levels. With one in every eight retail premises currently empty and widespread concerns about Wales’ relative economic under performance compared to the UK as a whole, there is a pressing need to reduce the cost of doing business.”
Notes to editors:
View Welsh Assembly’s Economy Committee Business Rates Report