Welsh high street retailers to get £2,500 each in business rate cuts
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The Welsh government has announced it is to give retailers £2,500 each in business rate cuts.
Finance secretary, Mark Drakeford has announced a £23.6m investment to enhance and extend the government’s high street rates relief scheme until 2020. Around 15,000 businesses are expected to receive the enhanced support from April 2019.
Drakeford said: “The high street is at the heart of local communities, providing a central hub for people to shop, eat and socialise. The current economic conditions and competition from the internet and out-of-town shopping centres, have hit some high street businesses hard.
“This enhanced high street rate relief scheme for 2019-20 will ensure more ratepayers across Wales receive support to pay their bills and can continue to provide much-needed services to their local communities.”
The original rates relief scheme was set up by the Welsh government in April 2017 to support retailers affected by the 2017 revaluation by the independent Valuation Office Agency and the rise of online retail.
