Wales’ business minister Edwina Hart is to pressure George Osborne over revamping empty property rates.
In a statement this afternoon, Hart said she would call on the chancellor to introduce various empty rate reliefs in the Autumn Statement on 5 December.
Her comments come after a series of recommendations were made to the Welsh government by a task group headed by the University of Wales’ professor Brian Morgan.
Among the recommendations were an increased period of exemption from empty property rates for new development or significant refurbishment, and an exemption for premises with a rateable value not exceeding £6,000.
Hart vowed to introduce the exemptions in Wales if she cannot persuade Osborne to introduce them UK-wide. She said: “If the UK government fails to examine ways to improve the current Empty Property Rates regime, then we will examine what we can do.”
In addition, she said she would introduce a £20m business rate scheme in Wales’ seven enterprise zones, targeting support for start-ups and SMEs that are creating jobs.
She also announced a £1.5m annual scheme to support renewable energy producers and a £200,000 fund to encourage the development of Business Improvement Districts in Wales.
Chris Sutton, head of Jones Lang LaSalle’s Cardiff office, and a member of the review panel, said: “The Welsh government has again shown it is open to ideas from the business community.
“The £20m business rates scheme for the seven enterprise zones in Wales now provides real fire-power for promoting business in these locations, while the commitment to take up proposed changes to empty property rates to encourage speculative development with the UK government could provide a timely boost to the development industry.”
nick.whitten@estatesgazette.com
