Will the Minister consider introducing a business rate holiday for all businesses that can prove that they are struggling to make ends meet due to recent increases in running costs?
The Welsh Government is already providing £116m of targeted non‑domestic rates support to businesses in the retail, leisure and hospitality sectors for the duration of 2022-23. This is in addition to our existing £240m package of permanent rates reliefs which provide ongoing support for businesses across Wales. As a consequence of our relief schemes, over 85,000 properties in Wales receive support with their bills and more than half of the non-domestic rates tax-base is benefitting from full relief in 2022‑23. These reliefs are fully funded by the Welsh Government.
In 2021-22 and 2022-23, the Welsh Government also took the decision to freeze the non-domestic rates multiplier. This prevented increases in rates bills for ratepayers with a residual liability, after the application of any reliefs, and has provided continued support to all businesses during these challenging times.
We have a duty to ensure stability in the funding of public services, services from which we all benefit, where the pressures of heightened inflation are also being felt. All the non-domestic rates revenue raised in Wales is provided to local government to support the delivery of vital local services.