Business rates in Wales wont be subject to inflationary increase in 2021-22

Earlier this year the Welsh Government also announced a rates relief package worth £580 million to provide businesses with the support they needed to survive the pandemic.

Finance Minister Rebecca Evans said:

“We recognise the pressures that businesses are facing and we are continuing to explore the support measures we can put in place to help businesses cope with the economic impact of the coronavirus pandemic and the end of the EU transition period.

“The announcement I have made today provides businesses with the reassurance that they will not see an increase in their business rates liabilities next year.”

Nick Ramsay MS – the Shadow Minister for Finance – has reacted to the announcement today (December 15) on the freeze on business rates saying:

“The continuing health emergency produced by the Covid pandemic remains grave, yet the economic emergency we’re going through is still bringing about a different, but equally devastating effect.

“The announcement is therefore welcome, but doesn’t go far enough.

“Welsh Conservatives outlined earlier this year our vision, something lacking in the Labour-led administration, of how to rebuild the economy, which will require the next Welsh Government to utilise tax powers in innovative ways.

“We have pledged to create ‘Business Rate-Free Zones’, where all businesses would be free from paying business rates for up to three years, and to scrap business rates for all businesses with a rateable value of under £15,000 outside of these zones.

“Sure, the business-rates freeze from the Finance Minister is a step in the right direction, but I – and undoubtedly many businesspeople – am left feeling no real sense of assurance from her announcement.”