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Extra Investment For Struggling High Streets

An extra £24m is coming from the Welsh Government.

£24m is going to be invested in boosting struggling high streets across Wales.

The Welsh Government’s high street and retail rates relief scheme which was first introduced in 2017, is being extended for a further year providing support to over 15,000 small and medium-sized businesses, including shops, restaurants, cafes, pubs and wine bars, to help them pay their rates bills.

It will reduce rates bills to zero for retail properties with a rateable value up to £9,100 and reduce bills by £2,500 for properties with a higher rateable value.

Finance Minister, Rebecca Evans said: "We recognise the importance of a healthy retail sector in Wales, and the impact the current economic climate has had on some high street businesses.

"The extended relief scheme I am announcing today will continue to provide much-needed support for struggling retailers in Wales, helping to keep the high street vibrant and at the heart of local communities."

Local authorities will also receive a further £2.4m to provide additional discretionary rates relief allowing them to respond to specific local issues. This funding will be provided through the local government settlement for 2020-21, taking the total being provided to local authorities for discretionary relief to £4.8m for 2020-21.

The high street rates relief scheme and the additional funding for discretionary rates relief, together with our permanent small business rates scheme and other bespoke reliefs, combine to offer timely and targeted support for ratepayers across Wales.  
 

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