Cwestiwn ysgrifenedig WQ90738

We are providing a package of additional support for non-domestic rates worth £134m next year. This is in addition to our permanent relief schemes worth £250m annually and the considerable additional support we have provided to businesses and other ratepayers over recent years. Every ratepayer will benefit from this package. The Minister for Finance and Local Government set out full details in a written statement on this matter, which is available at the following link: https://www.gov.wales/written-statement-non-domestic-rates-support-2024-25.

In 2024-25, we will be investing an additional £78m to provide a fifth successive year of support for retail, leisure and hospitality businesses with their non-domestic rates bills. This builds on the almost £1bn of support provided since 2020-21. Ratepayers in these sectors will receive 40% relief, where no additional relief would otherwise be the default position. It is, therefore, misleading to suggest that this amounts to rising business rates. This temporary relief was never intended to continue indefinitely and our move to more frequent revaluations will ensure that non‑domestic rates bills better reflect up-to-date market conditions for all sectors of the tax-base.

In addition, and reflecting this transition, a new £20m capital fund is being developed for 2024-25 to provide support to help retail, leisure and hospitality businesses future-proof their businesses. We will be providing full details on eligibility in the coming weeks and well in advance of the fund opening.

We meet regularly with hospitality and tourism industry representatives through the Visitor Economy Forum to discuss a range of issues relating to the opportunities and challenges facing the sector. The Forum brings together a wide range of stakeholders, providing an opportunity for a two-way update and helps plan the way forward for the sector.