Welsh Government announce £1.4 billion support package for businesses

Welsh Government Finance Minister Rebecca Evans and the Minister for Economy, Ken Skates have announced a new £1.4bn business support package to help businesses across Wales.

This support – extending the package announced yesterday – matches the measures in England providing a much‑needed boost for small businesses struggling to cope with the impact of the Coronavirus crisis.

The new package provides retail, leisure and hospitality businesses in Wales with a year long business rates holiday. A grant of £25,000 will also be offered for businesses in the same sector with a rateable value of between £12,001 and £51,000.

It also provides a £10,000 grant to all businesses eligible for Small Business Rates Relief with a rateable value of £12,000 or less.

| Finance Minister Rebecca Evans said:

| “This new support package recognises the scale of the unprecedented challenges we are facing and provides much-needed support for vulnerable sectors in Wales. But there is still more to be done.

| “Yesterday, the First Minister wrote to the Chancellor urging the UK Government to intervene and provide a more ambitious range of measures to help businesses manage the impacts of Coronavirus.”

| Economy, Transport and North Wales Minister, Ken Skates said:

| “As a Welsh Government, we are absolutely committed to providing the support and assurance the business community needs during these difficult times. Today’s announcement is a clear demonstration of our efforts to keep fighting for exactly that.

| “We continue to work with the UK Government during this national emergency and I am seeking a National Insurance holiday and financial support for wages.

| “The importance of small businesses and self-employed people without rateable properties cannot be overstated. We are exploring what further support we and the UK Government can provide.”