Janet Finch-Saunders MS arranged for The Rt Hon David TC Davies MP, Secretary of State for Wales, to attend a meeting with her and a small number of business owners at the Royal Oak Hotel, Betws y Coed, so to discuss how the UK Government can be of support to the economy of Wales.
The key messages of the meeting held yesterday (15 June 2023) included:
- VAT needs to be cut
- Astronomical increases in energy standing charges need to be stopped
- Businesses trapped in contracts with high unit prices need to be supported
Speaking after chairing the meeting, Janet said:
“Businesses are the backbone of our country. They provide jobs, enhance our communities, and pay major taxes that fund public services we all rely on.
“Entrepreneurs spoke from the heart and made clear that urgent action is required to combat energy costs. Whilst unit prices are coming down, many are trapped in contracts with high rates, and others are now reporting excessively high standing charge increases.
“VAT was also highlighted as a major burden, hampering investment. Calls were made for the rate on hospitality businesses in Wales to be reduced from 20%.
“Such a change would not be unprecedented. There was a 5% rate in place from 15 July 2020 to 30 September 2021, and then a 12.5% rate between 1 October 2021 to 31 March 2022. Businesses have made clear that they need another VAT reduction so that they have more money to invest in staff and job creation.
“I am grateful to the Secretary of State for coming to listen and look forward to holding further discussions in London with him and the Prime Minister today.”
ENDS
Photo:
Janet Finch-Sunders MS & the Secretary of State for Wales at the meeting with business owners in Betws y Coed
