Ahead of the publication of the final Welsh Government Budget, retailers in the country are reiterating their calls for urgent action on business rates to prevent Welsh shops from being unfairly disadvantaged compared to their counterparts across the border.
Speaking today, head of the Welsh Retail Consortium, Sara Jones (left), said: “We acknowledge the positive steps the Welsh Government has taken in recent years such as more regular revaluations and the proposed lower multiplier for the smallest retail premises.
“However, we are urgently calling for the removal of the higher business rates multiplier/surtax for retail businesses. Under the current draft budget proposals, a retail store with a £100k rateable value would pay around £51,500 in Wales - nearly £10k more than an equivalent English retailer - highlighting a stark and growing disparity between the two nations.
“Retailers already shoulder a disproportionately higher share of business rates compared to other sectors and these proposals would compound that imbalance.
Medium and large retailers act as anchor stores on our high streets, drawing in the footfall that smaller independent businesses rely on for survival. By making Wales a materially more expensive place to operate, these changes risk driving investment away from Welsh towns and cities, potentially towards places like Cheltenham or Chester, rather than Cardiff, Caerphilly or Carmarthen.
“A thriving Welsh retail sector supports local jobs, underpins investment in town and city centres and contributes significantly to tax revenues. Continued investment in stores is essential not only to keep these businesses attractive to customers but also to minimise the number of vacant premises and ensure our high streets remain vibrant and sustainable.”
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