Two new business rates schemes aiming to revitalise high streets in Wales have been backed by Wrexham Assembly Member Lesley Griffiths.
Wrexham Council looks set to endorse the two Welsh Government initiatives which aim to encourage commercial and economic development.
The ‘Open for Business’ and ‘New Developments’ schemes represent an anticipated investment of over £5m by the Welsh Government. Local authorities will be provided with a grant to run the programmes.
The first scheme, ‘Open for Business’, is expected to cost £2.5m and seeks to bring long term empty properties back into use by offering occupiers a one year 50% discount on their business rates.
The ‘New Developments Scheme’ is estimated to be worth over £2.8m and will exempt all newly built commercial property from business rates for the first 18 months.
The new schemes are a direct response to recommendations highlighted by a business rates review group, initiated by the Welsh Government, who set out to explore the most productive ways to encourage economic growth and development.
Wrexham AM Griffiths commented:
“The Welsh Government first proposed the two business rates schemes last October. I welcomed the announcement then and am delighted Wrexham Council have endorsed the initiatives.”
“Boarded up shop fronts have unfortunately become a familiar sight across Wales in recent times but the two schemes will help landlords fill their empty properties and provide an incentive for new companies starting up by reducing their initial business rates bill.”
“The new developments and investment in vacant town centre premises can help kick start the economy and create a dynamic, competitive environment for Welsh businesses to prosper.”
