Welsh Government announce £1.4 billion support package for businesses

Welsh Government have announced a support package worth £1.4bn for businesses affected by coronavirus.

The package provides retail, leisure and hospitality businesses in Wales with a year long business rates holiday.

It also offers a £10,000 grant to others who qualify for small business rates relief.

Finance Minister Rebecca Evans and the Minister for Economy, Ken Skates made the announcement on Wednesday, which matches measures already promised in England.

As well as giving retail, leisure and hospitality businesses in Wales a one year business rates holiday, a grant of £25,000 will also be offered to those in the same sector with a rateable value of between £12,001 and £51,000.

Businesses eligible for Small Business Rates Relief with a rateable value of £12,00 or less will also get a £10,000 grant.

Finance Minister Rebecca Evans said the new package provides the "much-needed support" but further measures will be needed.

Many theatres, restaurants and bars are struggling to cope or shut completely as the public are told to stay away amidst the outbreak. Credit: ITV Cymru Wales

Economy, Transport and North Wales Minister, Ken Skates said: “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."

This news follows a pledge on Tuesday that shops, leisure and hospitality businesses with a rateable value of £51,000 or less will receive 100% business rate relief. This has been extended now to all businesses in that sector.

The Welsh Retail Consortium praised the Government for listening to businesses and said the move would give a "confidence boost" to industry.

Welsh Government also announced yesterday that all schools would be shut by Friday 20 and summer exams would not go ahead as planned.

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