Last week, I had the opportunity to speak in the Welsh Conservative’s debate on the importance of economic growth for both businesses and employers.
The last few years have been especially difficult for businesses here in Wales, who have had to deal with the rising costs of doing business, and a business environment in Wales that does little to promote growth.
Sadly, the next few years do not seem to be looking any better.
The new Labour Chancellor’s decision to raise national insurance is not just the breaking of a manifesto pledge but is a tax on business growth. It makes it more expensive to hire staff and will disproportionately affect small businesses across a wide range of sectors.
I have spoken to businesses across the constituency, all of whom are raising concerns about this punitive tax.
Welsh Business have especially been put at a disadvantage, especially when considering that under the UK Conservative Government, businesses in the hospitality, retail and leisure sectors in England were paying half the rate of business rates as their counterparts were in Wales.
If Labour wants to be serious about improving growth, as they claim, then they must put in place policies that will make that happen.
Growth is not a policy; it is the result of good policy making.
Unfortunately, businesses in Wales are familiar with dealing with anti-growth policy making from Welsh Ministers.
Unemployment here in Wales has risen for the seventh consecutive month to 5.6%, the highest rate in the UK, whilst the employment rate has fallen to the lowest in the United Kingdom, at just 70%.
This is all while Welsh wage packets continue to remain the lowest in Great Britain.
Wales is a nation of small, family run businesses, who are full of aspiration and the desire to grow. They deserve governments who will get out of the way and help them grow.
Under Labour, Wales’s economic policy is broken, but this doesn’t have to be the case.
The Welsh Conservatives have a plan to get small businesses growing and our economy booming.
We would reinstate the 75% business rates relief for the retail, hospitality and leisure sector to support and protect jobs. We would also abolish business rates for small businesses, taking practical and meaningful steps to improve growth.
Supporting our small businesses is the key to growing the Welsh economy because when they succeed, Wales succeeds.
Peter Fox MS - Monmouth
