An announcement that the Welsh government will support independent retailers moving into 2023 has been welcomed by the Fed (Federation of Independent Retailers).
Earlier this month, the Fed signed a letter alongside other trade bodies addressed to the Welsh finance minister calling for a change to business rates.
On Tuesday, December 13, the government revealed a package worth £460m will be provided to businesses over the next two years.
Key measures include freezing the non-domestic business rate multiplier for 2023-24; transitional rate relief to ratepayers whose liability increases more than £300 because of the revaluation; and £140m non-domestic rate relief to retail, leisure, and businesses in Wales.
Fed national president Jason Birks said: “As independent retailers continue to struggle with rising inflation and soaring energy costs, the decision provides significant relief to businesses.
“We were pleased to see the decision to freeze the business rate multiplier. This will help those businesses that are the lifeblood of communities across Wales.
“As the cost of doing business continues to surge, it is essential that the government supports independent retailers who provide essential services to their local communities.
“We will continue to urge the Welsh government to reform the business rate system so that it takes into account the current retail environment and keeps up with inflation and changes to the property market value.”
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