Additional £10m to Aid Monmouthshire Businesses
A ten million pound relief fund is to be made available for Welsh small businesses impacted by increases in their business rates.
Announced on Saturday 17th December, an extra £10 million will be made available to help high street retailers, pubs and restaurants with their business rates. But despite the extra funding there are doubts about where the money will go, and whether the additional £10 million will be enough to prevent small businesses suffering.
The funds will be targeted at high-street ratepayers, many of which have seen their rates increase significantly as a result of the 2017 revaluation undertaken by the independent Valuation Office Agency. The extra funding was announced by Welsh Government Finance Secretary Mark Drakeford this week.
Monmouth MP David Davies said the new fund would be “far too small” to make any real difference given the number of businesses set to be hardest hit when the revised rates come into force on 1st April next year.
The news has been cautiously welcomed by Monmouthshire County Council, after the council agreed to urge the Welsh Government to postpone draft rates proposals.
Councillor Bob Greenland, deputy leader of the council commented: “It still remains a mystery why Monmouthshire seems to have been targeted, but because it has been, I would expect a good slice of the £10 million to come our way.