Welsh Government announce £1.4 billion support package for businesses

Welsh Government Finance Minister Rebecca Evans and the Minister for Economy, Ken Skates have announced a new £1.4bn business support package to help businesses across Wales.

This support – extending the package announced yesterday – matches the measures in England providing a much‑needed boost for small businesses struggling to cope with the impact of the Coronavirus crisis.

The new package provides retail, leisure and hospitality businesses in Wales with a year long business rates holiday. A grant of £25,000 will also be offered for businesses in the same sector with a rateable value of between £12,001 and £51,000.

It also provides a £10,000 grant to all businesses eligible for Small Business Rates Relief with a rateable value of £12,000 or less.

 Finance Minister Rebecca Evans said: “This new support package recognises the scale of the unprecedented challenges we are facing and provides much-needed support for vulnerable sectors in Wales. But there is still more to be done.

“Yesterday, the First Minister wrote to the Chancellor urging the UK Government to intervene and provide a more ambitious range of measures to help businesses manage the impacts of Coronavirus.”

Economy, Transport and North Wales Minister, Ken Skates said: “As a Welsh Government, we are absolutely committed to providing the support and assurance the business community needs during these difficult times. Today’s announcement is a clear demonstration of our efforts to keep fighting for exactly that.

“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.

“The importance of small businesses and self-employed people without rateable properties cannot be overstated. We are exploring what further support we and the UK Government can provide.”