Thursday, February 13, 2014

Give businesses in Wales the same support as in England

Businesses hit by storms and flooding should be given a three-month break from paying rates. The move is urgently needed to help companies get back on their feet. Businesses have been hit doubly hard – firstly through damage thanks to the floods and the storm, and secondly they’ve seen  a sharp drop in trading either because people very sensibly have stayed at home during the bad weather, or because they’ve had to shut their doors for safety reasons. According to retail analyst Springboard, footfall in Wales plummeted 18.6% year on year on Monday and 17.7% on Tuesday. As an example, Debenhams closed two stores early in Bangor and Llandudno because of high winds and today other stores will be shut across the region while insurance assessors check for damage.
The road network across North Wales and north west England was brought to a virtual standstill on Wednesday night because of the high winds – the area around the Britannia Bridge has become a giant lorry park. That is also affecting deliveries in and out of Wales – both of items to customers and supplies into retailers and companies.  The rail network across North Wales has also been severely affected.
In the Parliament this week, at Prime Minister’s Questions, David Cameron vowed to waive business rates for three months and English companies can also defer VAT, PAYE and corporation tax for the same period.
We need similar action on business rates now from the Welsh Government businesses hit by storms and flooding should be given a three month break from paying rates.  The UK Government's help on VAT, PAYE and Corporation tax will help.