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Following the Welsh government’s commitment to give retailers 50% rates relief for 2022/23, matching similar plans announced by Chancellor Rishi Sunak for England, the WRC gave a qualified welcome.
The scheme will be capped at £110,000 relief per business, which will not help the largest companies as much.
Sara Jones, the head of the WRC, said: “Welsh Ministers have understandably recognised the burden that bricks and mortar shops face when it comes to their business rates bills and the freeze in the multiplier is positive, though the evidence is clear that the current rate is already far too high standing at the highest level amongst all of the GB nations.
“While the Welsh Government’s 50% and capped relief for 2022/23 will prove to be beneficial for the smallest firms, it will do little to support the businesses that pay two-thirds of retail business rates and employ the majority of the country’s store workers.
“With little reduction in their burden, this could well lead to the unnecessary loss of shops and jobs and fails to incentivise investment in all parts of the country.
“This, coupled with the lack of a firm commitment to more regular revaluations, isn’t good news for every member of the public who wants a vibrant high street in their local community, with retail at its heart.”
Jones welcomed the town centre regeneration programme also outlined in the Welsh budget although she said that even more needs to be done.
She said: “Given the volatile position that retailers in Wales are currently facing, it will be vital that decision makers look at innovative measures to support the sector which go further than today’s draft budget statement.”
