The subject of business rates is one that we have returned to many times at FSB Wales.

Our reason for doing so is that the current system of business rates is placing a disproportionate burden on many small firms.

Its impact can be seen all too clearly in Newport city centre, where too many empty properties are a symptom of the problems with the current system.

If the business rates system is working correctly then the rates bills faced by businesses should be less than half of their monthly rental costs. But in Newport there are many properties where the rates bill is far higher in relation to rent.

This is because business rates have gone up annually at the RPI rate of inflation since the last revaluation, which was done before the financial crisis. Yet during the same period rental values of many high street properties have fallen.

Next week the Minister for Economy, Science and Transport is to make a statement on business rates in the Senedd and we will be listening attentively to what she has to say.

FSB Wales has campaigned strongly for business rates to be fully devolved to Wales, and as announced by the Chancellor in his autumn statement, that is now due to happen in April.

It means that from April there is nothing to stop the Welsh Government making real reforms to the business rates system in Wales.

Such reform is long overdue, as business rates are one of the many factors that are impacting on our town centres.

We need to see a system that better reflects the needs of smaller businesses in Wales. We need a system which encourages entrepreneurs to open more independent businesses in our towns and cities, providing a much-needed boost to our high streets, and giving them a little more vitality than we have seen in recent years.