Welsh Government freeze business rates to help firms cope with covid pressures
The Welsh Government has announced it is freezing business rates to help firms cope with the economic fall-out of the Covid-19 pandemic.
They will not be increased in line with inflation in Wales in 2021-22, the Finance Minister Rebecca Evans confirmed today.
According to the Welsh Government, freezing the multiplier next year will help support around 54,000 ratepayers across Wales, who are not already receiving 100 per cent rates relief.
It says this takes the total amount of savings businesses have received on their rates bills to more than £90m since 2018-19.
Earlier this year the Welsh Government also announced a rates relief package worth £580 million to provide businesses with the support they needed to survive the pandemic.
Finance Minister Rebecca Evans said: “We recognise the pressures that businesses are facing and we are continuing to explore the support measures we can put in place to help businesses cope with the economic impact of the coronavirus pandemic and the end of the EU transition period.
“The announcement I have made today provides businesses with the reassurance that they will not see an increase in their business rates liabilities next year.”