Small Business in Wales look to Autumn Statement

Press Releases 17 Nov 2023

Businesses in Wales await the Chancellor's announcement

FSB is calling for urgent and comprehensive action to power the economy and for a statement which puts smaller businesses at the centre of that ambition.

Ben Francis, FSB Wales Policy Chair, said: “With just under a week to go until the UK Government’s Autumn Statement, businesses in Wales will be waiting with bated breath for an announcement that signals growth for the economy in the hope that this triggers greater business confidence.

Businesses in Wales will be hopeful that any positive moves made by the Chancellor to see the SME-focused 75 per cent business rates relief for firms in the retail, hospitality and leisure sectors extended in England, will create consequential funding for Welsh Government to extend support on rates bills here in Wales, which is so desperately needed in these sectors. 

It’s important for the Autumn Statement to empower the self-employed to deduct training expenses from their taxable income so firms in Wales can keep pace with advanced technological change and upskill themselves to grow their businesses.

Finally, the curse of late payments can be a crippling challenge for the small businesses that make up the majority of our economy here in Wales. Ensuing larger businesses pay on time to maintain space and cashflow for smaller suppliers should be a priority.

The Chancellor has stated that this will be a ‘Autumn Statement for growth’ and Welsh smaller businesses will want to see that promise made clear in the announcements next Wednesday.”

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Gwyneth Sweatman

Gwyneth Sweatman

Head of Public Affairs