Gareth Stace, director of UK Steel, has welcomed the news that UK business rates are to be revaluated. He said that such a move will have a positive impact on the British steel industry.

According to Stace, the UK Government in Westminster could learn a lot from the Welsh Government in terms of the speed of implementing business rate cuts.

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

“With the emergence of an industrial strategy, now is the time for government to go further and 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 stop taxing companies that invest in the modernisation of their processes.”