WIREDGOV

Mr Jones told the Council for Economic Renewal in Cardiff that the extension of the scheme was the latest in a number of business rates measures that would help businesses in Wales.

"We have shown time and again that we are a government that supports business. Extending the Small Business Rate Relief Scheme will support small firms across Wales with many paying no rates at all.  This is in addition to other targeted business rate schemes that we have established to boost businesses across Wales and encourage growth," he said.

"We have also asked Professor Brian Morgan to seek the views of Welsh businesses about how we can make the best use of new powers over business rates when they are devolved to us."

During the meeting of the council, Economy Minister Edwina Hart also announced that the Welsh Government was looking at options for a targeted fund to support businesses negatively affected by the deferral of revaluation.

Mrs Hart said:

"The UK Government recently announced it intends to fully devolve business rates to Wales following the Silk Commission recommendation, which we supported.

"But we aren’t standing still waiting for full devolution. We recently announced that business rates increases would be capped at 2% next year – a move which will inject money into the Welsh economy. Now we have successfully pressed the UK Government to extend Small Business Rate Relief in Wales. I will now look at the options for a fund to further support businesses, particularly those who have been disadvantaged by the deferral of business rates revaluation until 2017."

This follows schemes we have established to support businesses in Enterprise Zones; to bring long-term empty property back into use; and to encourage speculative development. The Welsh Government also recently announced £200,000 of funding to start-up Business Improvement Districts and the successful applicants were named last month.