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Eluned Parrott welcomes publication of Professor Morgan’s business rates report

June 12, 2012 3:34 PM

Welsh Liberal Democrat Shadow Minister for Business and the Economy, Eluned Parrott AM, has welcomed the publication of the report by Professor Brian Morgan into the business rates system in Wales.

The report addresses the majority of the issues raised by Eluned in her submission to the review.

Eluned Parrott commented:

"When I submitted my proposals for a systematic and radical change to the way business rates were run in Wales, I argued that the review had to be more than just a bean-counting exercise. I argued that we needed to reform the system to boost the economy and support local communities. I am pleased that the report today has responded to many of my concerns. If, as suggested in this report, business rates could be devolved to Wales, I would hope for a more radical review of the rating regime in future, but in the meantime this report makes many useful suggestions that should act to help Wales' small businesses."

Eluned's submission outlined plans for local authorities to retain more of the business rates they generated, which will create an incentive for economic development at a local level. The report has taken this proposal on board. Other proposals of Eluned's that have been adopted include greater relief for social enterprises and the introduction of a tapering scheme following revaluations.

Eluned added, "This review has now set out a way forward for business rate reform in Wales that has adopted many Welsh Liberal Democrats proposals. We will now be concentrating on ensuring that these proposals are fully implemented as quickly as possible."