CBI Wales responds to Welsh Budget announcement for 2022/23

Ian Price, CBI Wales Director, said:

“The emergence of the Omicron variant has left businesses facing an uncertain Christmas and New Year – particularly those sectors still working hard to catch-up on two years of reduced demand and lost takings.

“To ensure firms get the help they need, when they need it, the £60 million of pandemic assistance announced last week should be routed through the Economic Resilience Fund to provide immediate relief for those most in distress.

“Given how severely hospitality, retail and tourism firms are being impacted by the pandemic, the 50% rate relief for the next financial year will give firms a little welcome breathing space. However, more systemic reform of business rates remains a priority for business.

“As we build our way out of the pandemic, the Welsh Government is right to prioritise green growth. High growth sectors, such as renewable energy, advanced manufacturing, and compound semiconductors, should be able to access the range of skills needed to achieve their net zero ambitions.

“When decarbonising their products and processes, major energy users face some of the most complex challenges. To ensure the Welsh Government meets its 2050 net zero target, the final budget should do more to help industrial energy users decarbonise. Government is in a unique position to maximise the benefits to the local economy and provide firms with a sustainable future.”