Mike Hedges MS welcomes rates support to help businesses struggling with cost rises

Mike Hedges MS welcomes rates support to help businesses struggling with cost rises

Local MS,  Mike Hedges, has welcomed the Welsh Labour Government’s announcement that all businesses in Swansea East will benefit from new rates support to help with the effects of rising costs.

It has been confirmed that a package of support worth more than £460m over the next two financial years will be announced in the Welsh Labour Government’s upcoming draft Budget.

The package will provide a boost to businesses across Wales which are struggling to cope with the impacts of high inflation and surging energy costs. It operates in addition to permanent relief schemes from the Welsh Labour Government which are already providing £240m of relief to ratepayers across Wales this year.

Welcoming the announcement, Mike Hedges MS said:

“I’m glad that our Welsh Labour Government is continuing its support for businesses in Swansea East as they feel the pressure of spiralling energy costs and rising inflation.

“The decision to apply substantial discounts to the rates bills of businesses will provide some certainty in these hard times and will help them to thrive.”

The non-domestic rates multiplier has been frozen for 2023-24 at a cost of more than £200m over the next two years. This ensures there will again be no inflationary increase in the amount of rates businesses and other ratepayers are paying.

A further £113m will be provided over the next two years to provide transitional relief for all ratepayers whose bills increase by more than £300 following the UK-wide revaluation exercise, which takes effect on 1 April 2023.

Another £140m will support businesses in the retail, leisure and hospitality sectors. Eligible ratepayers will receive 75% non-domestic rates relief for 2023‑24, a rise from the 50% relief provided in 2022-23.

ENDS