Llinos Medi
Main Page: Llinos Medi (Plaid Cymru - Ynys Môn)Department Debates - View all Llinos Medi's debates with the HM Treasury
(2 days ago)
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Llinos Medi (Ynys Môn) (PC)
Despite promises of economic competence and a brighter future at the election, the tax choices that this Government have made have undermined economic growth in Wales. Over 99% of all businesses in Wales are small and medium sized, and the increase in employer national insurance contributions has hit them incredibly hard. It has raised operating costs, meaning that businesses are less able to weather times of hardship, and it limits their ability to invest and expand. The impact has also been felt in our hospices. Yesterday, we received the devastating news of the temporary closure of the hospice on Ynys Môn due to financial pressures. This one decision is having a direct impact on our communities.
One policy that the Government could stop before it is implemented is the proposed changes to agricultural and business property relief, which are set to take effect in April 2026. Having listened to the voices of family farmers and local businesses, it is clear to me that this policy will cause huge damage. As the Farmers Union of Wales says, if the reforms to agricultural property relief remain unchanged, the consequences for farmers, rural communities and food production in Wales could be devastating and irreversible. Plaid Cymru has been clear that there should be a Wales-specific impact assessment before this policy is pursued further, given the importance of agricultural and small businesses to our economy and communities.
Instead of damaging policies such as raising national insurance and cutting agricultural and business property relief, we should be making the tax system fairer. We must follow the principle that those with the broadest shoulders should carry the largest burden. Instead of taxing small businesses and trying to plunder benefits, the Government should look at a wealth tax on assets over £10 million to raise the billions in revenue that are needed to support the public finances. Taxes are a political choice. Plaid Cymru would make choices that are on the side of communities in Wales.