The Welsh government has extended 40% business rates relief for hospitality and leisure businesses, also capped any increase to the business rates multiplier at 1%.
“We have been loud and clear that the Senedd needed to maintain the vital business rates relief, which so many pubs rely on, to counter the soaring cost of business they face,” said Emma McClarkin, chief executive of the British Beer and Pub Association.
“We welcome government heeding our warnings in this draft Budget, and this relief, which amounts to £4.3 million, should bring pubs across Wales a much-needed sigh of relief and confidence to keep investing.
“It is also concerning that there is no mention of wider rates reform in the draft Budget. We continue to call for them to commit to meaningful long-term reform which will allow pubs in Wales to carry on pouring hundreds of millions of pounds into the economy and supporting tens of thousands of jobs.”
David Chapman, executive director of UKHospitality Cymru, said: “Rates relief will continue to be a lifeline for many Welsh hospitality businesses, particularly as venues have to pay significantly increased employer taxes from April. Crucially, this extension avoids a situation where Welsh businesses could have been left at a competitive disadvantage to the rest of Great Britain.
“Introducing a cap of 1% to any increase to the multiplier this year is another positive step, particularly for those larger businesses who don’t fully benefit from relief. I’m grateful that the Welsh government has used the funding available in this way.
“These measures are recognition of the role hospitality plays serving Wales and creating places where people want to live, work, and invest. I hope we can continue to work with the Welsh government to create the conditions that allow our businesses to fulfill their ambitions to drive economic growth and create more jobs.”
