The Federation of Small Businesses (FSB) Wales has written to Adam Price MS, the newly appointed Cabinet Minister for Enterprise, Connectivity and Energy, calling for early action to help small firms invest, recruit and win work.
Small and medium businesses are the heartbeat of our nation’s economy, accounting for 99.3% of Welsh businesses, 62.3% of private sector employment and 42.5% of turnover.
This is a pivotal moment for the Welsh economy. Despite years of sustained pressure from rising costs – employment, rates and energy – FSB research shows more than half of small businesses in Wales have growth ambitions. With the right support in place, the sector stands ready to invest and drive productivity across local economies.
FSB Wales is calling on the Welsh Government to support small business growth by:
- Setting out an economic strategy with clear, measurable targets for business start-ups and scale-ups.
- Introducing a dedicated Retail, Hospitality and Leisure (RHL) multiplier and increasing the Small Business Rates Relief threshold to give firms certainty and headroom to invest and retain staff.
- Removing barriers that prevent SMEs from accessing public contracts.
John Hurst, FSB Wales Chair, said:
“Small businesses are ready to play their full part in building a more productive and resilient Welsh economy, but they need the right conditions to do so.
“Providing fiscal breathing room through rates relief, alongside dismantling the barriers that shut SMEs out of procurement opportunities, would inject much-needed confidence into the economy.
“Our message to the Cabinet Minister is simple: test every policy against one question – does this help small businesses invest, recruit and win work? If we get that right, we will unlock sustainable growth and strengthen local economies across Wales.”
