Neath Businesses Re-assured About Rates Budget Promises

Neath AM, Jeremy Miles, has reassured Neath Businesses that all funding that comes to Wales as a result of the UK Government’s Budget announcement on non-domestic rates will be used to support Welsh businesses.

In a response to an enquiry from Neath Inspired, Jeremy confirmed that he totally appreciates the very real concerns raised on behalf of local businesses, which are shared by many.  Jeremy said  “The Welsh Government wants to roll-out a support package as quickly as possible to help businesses deal with the impact of Coronavirus. Plans are underway, but confirmation from the UK Treasury is currently holding this back.”

“Throughout this Assembly term, each time new money has been made available to extend non-domestic rates support in Wales, the Welsh Government has matched – or exceeded – the funding provided to deliver the most suitable support for Welsh businesses.”

Rishi Sunak announced in his budget speech that English companies with a rateable value of less than £51,000 will be eligible for the tax holiday. It is part of a package of “extraordinary” measures to support the UK economy in the face of disruption from the coronavirus outbreak.

The measures only apply to firms in England as Welsh Business Rates decisions are devolved.

Rishi Sunak said the business rates system as a whole would be reviewed, with the conclusions published in the autumn.

Firms in England have campaigned for several years for the system to be reformed, arguing it makes it hard for bricks and mortar retailers to compete with online rivals.

Mr Skates, WG Minister for Economy & Transport, announced today that: “We committed that every penny of the funding which will come to Wales as a result of the UK Budget announcement about non-domestic rates relief in England will be used to support businesses in Wales.

“We are urgently seeking clarity from the UK Government about the package of funding available for the emergency coronavirus response so we can develop our business support. “We will do all we can to protect the Welsh economy and support Welsh businesses.”

Jeremy Miles office reported that: We are currently working with the Welsh Government Economy Department, putting together a briefing for businesses in Neath town and across the constituency. This will include FAQs and all relevant information that you will need.

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