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New Funding for Business Rates Relief

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The Welsh Government has committed to new funding for business rates relief following calls from FSB Wales.

FSB Wales wrote to the Cabinet Secretary for Finance following the UK Government budget, in which it was confirmed that £26 million would flow to Welsh Government following the Chancellor’s announcement of business rates relief for the UK. FSB urged Welsh Government to use this sum to provide further business rates relief in Wales.

Cabinet Secretary for Finance, Mark Drakeford, gave evidence to the Finance Committee of the National Assembly for Wales last week, during which he confirmed that the £26 million sum will be used for additional business rates relief in 2019.

The Cabinet Secretary has not yet stated how this funding will be applied, given that there is a different scheme of rates relief in Wales than there is in England. But he confirmed that he will come forwards soon with proposals for how this funding will be used.

Ben Francis, FSB Wales Policy Chair, said:

“We’re thrilled that Welsh Government has listened to calls from FSB Wales and will use the £26 million on further business rates relief support for businesses across Wales.

“In our recent work on the Future of Welsh Towns, businesses told us that business rates were one of the top issues detracting from town centre performance. Business rates are an important part of the wider conversation about how we ensure that the future of our towns is sustainable and dynamic, which makes it all the more important that the Cabinet Secretary has taken this positive decision which we applaud.”