URGENT support is needed to support businesses against the “unbearable pressures” of the cost of living crisis, Vaughan Gething has warned, as two Newport businesses were forced to close last week.
Wales’ economy minister has called on the UK Government to take action to reduce energy and fuel costs for businesses.
This comes as many businesses in Wales are preparing for their energy bills to rise fourfold this autumn.
Last week, Monusk Tapas and Wine Bar in Newport tapas closed due to spiralling costs, and a day later Ragtag Pizza on Clarence Place also announced it was closing.
Monusk Tapas and Wine Bar owner Finn Nesbitt told the Argus “Our energy bills jumped from £150 pounds a month up to £800”, while Matthew Evans, the owner of Ragtag Pizza, said rising costs were “a huge factor” in his decision to close, after “basic prices had more than doubled”.
Mr Gething said the Welsh Government has used all available financial levers to support households across Wales deal with the crisis, however only the UK Government has the tools necessary to provide the immediate protection business need.
The minister added that he is meeting with Welsh business representatives to hear directly about the pressures they are facing.
“The cost of living crisis engulfing the UK is having a significant impact on families across the country,” said Mr Gething. “We’re also facing a cost of business crisis, with businesses across Wales facing increasingly unbearable pressures because of soaring energy and fuel bills.
“Our businesses are the lifeblood of our communities. They provide the jobs people rely on for their livelihoods.
“As Wales’ economy minister, my immediate priority is to do what I can to protect our economy and the people who work within it.
“That’s why I am demanding that the UK Government steps up and takes immediate action now, by using the powers only they have at their disposal to intervene in this crisis.
“They must bring forward measures to reduce inflation and provide the significant additional help people and businesses need.
“Unless they act now, they risk inflicting significant harm on the Welsh economy. This cannot be allowed to happen.”
The Welsh Government has committed to providing £116 million of targeted non-domestic rates support to small and medium businesses in the retail, leisure and hospitality sectors in the financial year 2022-23.
More information on the support available can be found using the Welsh Government’s Business Wales service at businesswales.gov.wales.
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules hereLast Updated:
Report this comment Cancel