British businesses to receive almost £10bn in rates relief
Businesses are expected to receive almost £10bn in business rate relief as part of the government’s comprehensive package of support for the economy during the coronavirus pandemic.
New statistics published by the government show the business rate relief predicted by councils for businesses across England in the retail, hospitality and leisure sector.
It means that those which may be the hardest hit by the pandemic, such as eligible shops, restaurants, cafes and pubs will pay no business rates whatsoever this financial year.
Businesses are benefiting from this scheme right now with discounts on their rates bills helping them with their cashflow. The government has committed to compensating local authorities in full for the business rate relief with payments due to begin shortly.
The news follows the announcement that £3.2bn of extra funding is being given to councils, helping them continue to provide essential services and support to those who need it most. This includes getting rough sleepers off the street, supporting new shielding programmes for clinically extremely vulnerable people and assistance for our heroic public health workforce and fire and rescue services.
Local Government Secretary Rt Hon Robert Jenrick MP said: “The 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.”