Budget 'paints a mixed picture' say businesses

BUSINESS groups gave a mixed response to the autumn Budget delivered by Chancellor Rachel Reeves yesterday.

- 

There was a welcome for the planned investment in Wales by the government - from SMR nuclear to AI growth zones, and extra funding for the Welsh Government.

But there were concerns about extra costs from measures such as the increased minimum wage.

The Federation of Small Businesses (FSB) Wales warned that UK tax rises will hit small Welsh businesses. It also called on Welsh Government to use the additional funding announced to help small businesses across Wales.

Joshua Miles, head of FSB Wales, said: "There's some positive news for Wales through the two AI growth zones, promising over 8,000 jobs, and the UK's first small modular reactors at Wylfa on Anglesey.

"However, UK-wide tax rises and ongoing cost pressures risk another tough year ahead for businesses across Wales."

"The extra £505 million and new borrowing flexibilities give Welsh Government the opportunity to help small firms through lower rates and greater investment in infrastructure.

"It’s crucial that this extra money is used to replicate UK Government's decision to permanently lower tax rates for retail, hospitality and leisure properties in Wales."