Extra £5m for high street rates relief

Welsh Government Finance Secretary Mark Drakeford has announced an extra £5m to extend the high street rates relief scheme in 2018-19.

The scheme, which is unique to Wales, will provide additional support to around 13,000 small and medium-sized high street businesses across the country, including shops, restaurants, cafes, pubs and wine bars.

The Welsh Government-funded scheme, which was originally set up for 2017-18 only, will provide eligible businesses with a reduction of up to £750 from their non-domestic rates bills.

Professor Drakeford said:

“This additional support, which extends the high street rates relief scheme into 2018-19, together with our decision to put the £100m small business rates relief scheme on a permanent footing from April ensures ratepayers across Wales are receiving support to pay their bills.

“Targeting support to high street retailers will help those businesses, which are affected by the current economic conditions and competition from online and out-of-town providers.”