UK Steel comments on the reduction of business rates for steel companies

Commenting on the revaluation of business rates in the UK, Gareth Stace, Director at UK Steel, said:

“It is welcome that the UK has moved to undertake Business Rates revaluations, which will largely have a positive impact on our sector, however, the UK Government in Westminster can learn a lot from the Welsh Government in terms of the speed of implementing these cuts.

“The steel sector continues to face very difficult economic conditions and therefore needs solutions to level the playing field to ensure they have every ability to invest, which benefits both the local and national economies and ensure world leading competiveness.

“With the emergence of an industrial strategy, now is the time for government to go further and to remove plant and machinery from the calculation of business rates to bring us fully in line with our near competitors such as France and Germany and to stop taxing companies that invest in the modernisation of their processes.”

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