UKHospitality Cymru has said the extension of business rates relief was crucial to support hospitality businesses.
In the draft Welsh Budget published December 10, the Welsh Government has extended 40% business rates relief for hospitality and leisure businesses, as called for by UKHospitality Cymru. It has also capped any increase to the business rates multiplier at 1%.
David Chapman, Executive Director of UKHospitality Cymru, said:
“Continuing 40% business rates relief for hospitality businesses was absolutely critical and I’m delighted that the Welsh Government has listened to and acted on our calls for an extension.
“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 fulfil their ambitions to drive economic growth and create more jobs.”