Head of ACCA Cymru/Wales responds to the Welsh Government’s Draft Budget

‘The support for Welsh businesses is welcome’

Yesterday the Welsh Government published its Draft Budget for 2023-24, building upon the spending plans set out in the 3-year Budget published last year and allocating additional funding which Wales received following the Autumn Statement.

In addition to helping to protect public services and the most vulnerable, a rates support package for businesses was also announced to ease financial pressures during the current recession.

Lloyd Powell, Head of ACCA Cymru/Wales, said:

“ACCA welcomes the support provided for Welsh businesses in the draft Welsh Government budget announced yesterday. We recognise the difficult decisions that the government has had to make in extremely challenging times and applaud the focus on protecting vital services. The package of business rates support worth more than £460m over the next two financial years announced in the Welsh Government’s Draft Budget will be welcomed by the Welsh business community as a way of protecting jobs and enterprises.

“Although the £40m of extra money provided for supporting green transport is relatively modest, the Welsh Government’s continued commitment to tackling issues of climate change even in these difficult financial times is also another step in the right direction, and builds on the spending announced in last year’s budget.

“However, given the pressures facing businesses across Wales and in all sectors, particularly with high inflation and very high energy costs, we urge the government to work closely with the UK Government to address the energy support for businesses after 31 March, as the uncertainty is a cause of huge concern to businesses.”