The Welsh Government has agreed business rates in Wales will be capped at 2%.
They were set to rise in line with inflation at more than 3% but Assembly Members unanimously supported the lower rate and local AM Lesley Griffiths has backed the decision.
This increase will match that announced in England and Scotland recently.
There will be no impact to Local Authorities as the funding to allow reduced bills will be provided by the Welsh Government via the Non-Domestic Rates Pool.
Following the announcement by the UK Government to fully devolve business rates to Wales, the Welsh Government is also currently engaging with businesses and other stakeholders to seek views on the priorities for business rates policies.
Wrexham AM Lesley Griffiths commented:
“This decision is good news for Welsh businesses and Local Authorities.”
“Capping the increase in business rates at 2% enables Welsh companies to remain competitive with their UK counterparts and there is no financial impact on Local Authorities which is clearly welcome in the current economic climate.”
“Although there is still work to be done, this announcement will provide a boost for smaller business and encourage economic development across Wales.”
