Member of Parliament for Clwyd South, Simon Baynes MP, has commended the UK Government’s boost to the Business Rates Relief Fund with a new £1.5 billion pot, with Wales set to receive an extra £90 million.
UK Government Ministers have set out plans to provide an extra, targeted support package for businesses who have been unable to benefit from the existing £16 billion business rates relief for retail, hospitality and leisure businesses. As Business Rates are a devolved matter in Wales, Mr Baynes has called on the Welsh Government to ensure the funding that Wales is set to receive through the Barnett formula is spent to help those affected but to also boost the economy in Wales which has been severely impacted by COVID-19.
Chancellor of the Exchequer, Rishi Sunak MP, said:
“Our priority throughout this crisis has been to protect jobs and livelihoods. Providing this extra support will get cash to businesses who need it most, quickly and fairly.
“By providing more targeted support than the business rates appeals system, our approach will help protect and support jobs in businesses across the country, providing a further boost as we reopen the economy, emerge from this crisis, and build back better.”
Simon Baynes MP said:
“I welcome the announcement that the UK Government is once again ensuring that no-one is left behind as we try and rebuild our economy across the UK after the devastating consequences we have been left with due to COVID-19.
“It is wonderful news that Wales is set to receive an additional £90 million of this pot, on top of the other UK Government funding that Wales has received. As this is a devolved issue, I would urge the Welsh Government to ensure that this money is spent wisely and reaches those affected as soon as possible.”