As part of the government’s comprehensive package of support during the Coronavirus outbreak, businesses are expected to receive almost £10 billion in business rates relief.
New statistics published by the government yesterday (22nd April 2020) shows the business rates relief that has been predicted by councils for retail, hospitality and leasure sectors across England.
This means no business rates whatsoever will be paid this financial year by the hardest hit businesses during the pandemic, including eligible shops, restaurants, cafes and pubs.
Businesses are already benefitting from this scheme with discounts on their rates bills to help with cash-flow struggles. The government has committed to compensating local authorities in full for the business rates relief payments which are to begin shortly.
This news follows an ectra £3.2 billion funding being given to councils to allow them to continue providing essential services and to support those who need it most. This includes getting rough sleepers off the street, supporting new sheilding programmes for clinically extremely vulnerable people and assistance for our heroic public health sector and fire and rescue services.
Local Government Secretary Rt Hon Robert Jenrick MP said:
“Today’s figures demonstrate that, through working with local authorities, we are giving businesses the support that they need during this national emergency; an unprecedented nearly £10bn in business rates relief.
The government was clear that we would do whatever it took to support local business and that is exactly what we are doing. We stand behind them and their employees as we work to protect the NHS and save lives.”
Minister for Local Government Simon Clarke MP said:
“This government has announced a comprehensive programme of support for business to help them deal with the economic impact caused by the Covid19 pandemic, including providing 100 per cent rate relief for the retail and leisure industry.
It is great that councils estimate they will provide almost £10 billion in additional business rate relief this financial year. This will provide businesses with a much-needed boost at this unprecedented time and builds on over £6 billion already awarded to business in grants announced earlier this week.”
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