Today, almost a week after the UK Budget was announced through UK Government, Welsh Government have finally laid out their plans for supporting businesses in Wales in regards to the Corona Virus Pandemic. We would encourage all businesses to read the following information.
On Tuesday the Welsh Government announced its plans to support businesses through this unprecedented Corona Virus (COVID19) pandemic that we are currently gripped with.
Finance Minister Rebecca Evans Said;
I’m pleased we can offer this package of support to businesses as part of our response to the corona virus outbreak. We are allocating every penny of the funding we will be receiving as a consequence of the schemes the UK Government announced in England last week to support businesses in Wales
These measures include the following;
- Retail, Leisure and Hospitality businesses with a rateable value of £51,000 or less will receive 100% business rate relief.
- Pubs with a rateable value of between £51,000 and £100,000 will receive a £5,000 reduction on their bill.
- A further £100 million will be available for a new grant scheme for small businesses. Further details will be confirmed as soon as possible.
Finance Minister Rebecca Evans also went on to say;
I know that helping businesses with their rates bill will not be enough to protect them from the severe drop in custom mary are experiencing as coronavirus cases increase.
We will be calling on the UK Government to act quickly and decisively to provide a very significant support package for vulnerable businesses and their employees.
While this is a welcome starting point from Welsh Government to support Small and Medium Businesses, it is just that, a starting point. It isnt enough to support small businesses who in wales have had a dreadful start to 2020, with widespread flooding causing millions of pounds worth of damages to premises and stock and a poor first quarter off the back of the bad weather it seems that it is absolutely crucial, vital even, that the Welsh Government put measures in place to further support those who have large rental payments, staff wages to pay, overhead costs to cover, stock to purchase and much more beside.
We may have seen a huge increase in the number of shops closing in the last decade, but without vital, crucial investment from our Government, it may completely destroy those businesses who are continuing to trade, through no fault of their own.
In latest news, The UK Government have announced further plans to roll out a bigger support package for businesses in England, however, it is important to point out that these measures at the moment are not applicable to devolved governments such as Wales and Scotland.
With the story unfolding all of the time, Caldicot Town Team are in close contact with Monmouthshire County Council and Business and enterprise leaders to find out the detail of these schemes. We will update all of our businesses as soon as we can with as much information as possible as soon as we have it.