Following the announcement from the Chancellor of the Exchequer Kwasi Kwarteng, FSB Wales Policy Chair Ben Francis, said:
“The announcement today brings forward some much-needed clarity for the future for the small firms who have been facing strong competing headwinds. We are pleased to see the Government signalling its determination to back small firms.
The growth plan announced today will go some way to ease the burden small businesses have been facing. We are pleased to see many of our calls heeded, including the decision to reverse the NICs hikes introduced in April. Reversing all four, employer, employee, self-employed and the dividend equivalent is the right decision, as is the scrap of the Corporation Tax increase. This will provide some crucial breathing space for firms.
We’re also pleased to see that Government is working on incentives for international visitors and hope to see the VAT free shopping on highstreets for international visitors boost our local towns and tourism sectors.
Among the announced measures, are the Investment Zones, where business taxes will be reduced, and planning rules eased. FSB Wales will be looking to UK and Welsh Government to engage early to identify the range of potential sites across Wales. Wales cannot afford to be left behind in the mission of boosting regional competitiveness. We look forward to working with Ministers in the Welsh Government alongside UK Government Ministers to help identify the measures that are needed to help our small businesses grow and thrive.
Alongside the support announced on easing the now-significant energy burden for businesses earlier this week, today’s announcements will help provide some optimism for smaller businesses in Wales.
The new Government has signalled its intention to focus on economic growth. While this is welcome, we need to continue to ensure that smaller businesses are supported and are ‘match fit’ to help fulfil that ambition”