Finance Secretary for Wales Mark Drakeford has announced that retailers with a rateable value of up to £50,000 in Wales will receive a £2,500 cut to their business rates for 2019/2020. Rates bills will even be reduced to zero for properties with a rateable value of up to £9,100. Local authorities will also receive an additional £2.4 million to provide discretionary rates relief to respond to local needs.
Commenting, NFRN National President Mike Mitchelson said: “For years the NFRN has been pressing the Welsh and UK governments to relieve the heavy burden that weigh on retailers’ shoulders. Though we welcome today’s announcement, we urge the Welsh government to consider more sustainable measures to support small businesses. Shop owners need more than temporary relief to plan investments and increase staff numbers. The NFRN is willing to work more closely with the Welsh government to consider long-term solutions to help independent retailers reach their full potential.”