The Federation of Small Businesses has 'warmly welcomed' the announcement that business rates (or 'non-domestic rates') will be fully devolved to Wales:
– Iestyn Davies, Federation of Small Businesses Wales
The full devolution of powers over non-domestic rates to Cardiff Bay now opens the way for the reform of the current Welsh business rates regime, which is the most onerous for small businesses in any constituent nation of the UK.
There is now no barrier to the Welsh Government reforming the business rates system to support small firms on high streets across Wales. Some work has already been done in this area and we would call for the rapid adoption of the recommendations of Professor Brian Morgan’s report into business rates, particularly his call for rates to be locally retained.