Will the Minister explain what steps the Welsh Government will take to support small to medium-sized businesses with spiralling energy costs this winter?
The main levers to help businesses through this energy crisis, such as access to borrowing, taxation of windfall profits and regulation of the energy market, all lie squarely with the UK Government.
Their announcement last week, to introduce an Energy Price Guarantee, is a step in the right direction. However, it is clear more needs to be done and we shall continue to press the UK Government to support our businesses.
Our priority is to support businesses of all sizes to decarbonise as quickly and fairly as possible, so we are reviewing and assessing all opportunities to redirect additional resources to those most in need and to reduce the burdens on business.
Social Partners have an important role to play in ensuring we understand the needs of businesses and individual workers during these extreme times. Engagement with them has been a constant since energy costs started their upward trajectory and more is planned over the next few weeks culminating in an Economic Summit in early October.
We are also supporting over 85,000 properties in Wales in paying their rates bills this year, through the combination of our permanent relief schemes and the extension of our Retail, Leisure and Hospitality Rates Relief scheme. In 2022-23, the Welsh Government will provide £116m of targeted non-domestic rates support to businesses in the retail, leisure and hospitality sectors.
In addition, Business Wales provides a range of general business support, information and signposting. This includes specialist advice from Resource Efficiency Advisors that help Welsh businesses implement new practices to improve sustainability, helping companies make a positive impact on the environment. Through the Green Growth Pledge, Business Wales supports SMEs to take practical actions, such as reducing vehicle use, increasing water and energy efficiency, and working with responsible suppliers, to help companies decarbonise and win new business.
I would encourage any business affected to contact the Business Wales via the helpline or their website.