Business rates in Wales will be frozen for the 2023-24 financial year, the Welsh Government will announce in its upcoming draft Budget. The decision is part of a package of governmental support worth more than £460m over the next two financial years to help with the effects of rising costs.
All businesses in Wales will benefit from the new rates support which includes freezing the non-domestic rates multiplier (currently 0.53 which is times rateable values) for 2023-24, at a cost of more than £200m over the next two years, ensuring that there is no inflationary increase in the amount of rates businesses and other ratepayers are paying.
Earlier this month, some 15 business representative groups and industry bodies, including CBI Wales, FSB Wales and the Wales Tourism Alliance, wrote to Finance Minister Rebecca Evans urging her to match England on business rates.
