Ahead of Small Business Saturday (December 7th), North Wales Assembly Member Mark Isherwood has called on the First Minister to do more to support small and medium sized businesses in Wales, which he said “have been held back for too long by a lack of ambition from consecutive Welsh Labour Governments”.
Raising the matter in the Welsh Parliament this afternoon, Mr Isherwood also asked the First Minister, Mark Drakeford AM, to respond to recommendations made by the Federation of Small Businesses to ensure the future success and sustainability of towns in Wales.
Speaking in the Chamber, he said:
“Small and medium -sized businesses in Wales make up 99.3% of all businesses and account for almost 65% of employment, turning over £46 billion a year, £126 million every day. But sadly, a high proportion don't survive more than five years, and beyond survival also face considerable challenges. The ‘Small Business Saturday’ Campaign exists to support, inspire and promote them, and the next Small Business Saturday is on Saturday 7 December. I know you'll wish to join me in wishing them well.
“However, research by the Federation of Small Businesses has identified key megatrends affecting towns in Wales and made a series of recommendations to ensure their future success and sustainability. How do you respond to those recommendations, which include publishing town strategies in every town, ensuring that ownership is local and that businesses and the voluntary and public sector are engaged, and rethinking the role of business rates in towns, replicating the recently announced English relief for high street businesses, and then better consideration of the impact of rates on our towns in the longer term?”
The First Minister told Mr Isherwood that he welcomes the report and will “look at it carefully”.
Speaking outside the Chamber, Mr Isherwood added: “Although the fact that Wales is a nation of small and medium sized enterprises should always be key to Welsh Government policy making, businesses in Wales have been held back for too long by a lack of ambition from consecutive Welsh Labour Governments. Wales is the most expensive place in Great Britain to pay business rates. A Welsh Conservative Government would abolish business rates for all small businesses up to £15,000 and taper relief for business with values between £15,000 and £18,000, commit to real reductions in the burden of business rates on individual firms and also increase funding for the Welsh Development Bank to invest in growth sectors”.
