Welsh Government Finance Secretary Mark Drakeford has announced that an extra £10m will be made available to help high street retailers, pubs and restaurants with their business rates. The full details will be announced on Tuesday 20th December as part of the final budget.
The extra £10m will be targeted at high-street ratepayers – shops, pubs and cafes – including those which have seen their rates increase significantly as a result of the 2017 revaluation undertaken by the independent Valuation Office Agency. The targeted rate relief scheme will be provided through a special grant.
I have met businesses in Cowbridge over the past weeks and listened to their concerns, which I took up immediately with the Cabinet Secretary, and I am delighted that he has been able to respond to the many representations I have made on behalf of businesses across the Vale of Glamorgan.
Professor Drakeford said:
“This targeted relief scheme will be in place by April 1 next year when the revised rates come into force”
The Welsh Government will be working closely with local authorities to implement the scheme. Further details about how it will operate will be published on the Welsh Government website