GRAVE concerns have been raised over the future of businesses which were hit by dramatic increases in their rates two years ago.

A relief scheme for businesses was introduced by the Welsh Government after rate re-evaluations by the Valuation Office Authority (VOA) in 2016 led to widespread concerns over the future of Monmouthshire businesses.

Monmouthshire saw an overall 11 per cent rise in rateable value for retail, the highest in Wales, with some businesses in Monmouth reported increases of more than 130 per cent.

In December 2017 it was announced a new permanent relief scheme would be introduced, including £5m to extend the temporary high street rates relief scheme into 2018-19, and an extra £1.3m for local authorities to provide relief on a discretionary basis.

However concerns are now being raised that the Transitional Relief scheme may not be in place for the next financial year, after the chair of Monmouth and District Chamber of Trade and Commerce David Cummings (pictured below left) told the Beacon that, without the relief, many small retailers will face an increase in their business rates bill next year of more than £3,000.

"In this current financial year, many small businesses have benefited from the last year of Transitional Relief and with the continuation of High Street Rate Relief for another year, with many of our retail members receiving a £2,500 reduction in their business rates bill," said Mr Cummings. "The Welsh Government has made no public statement on whether reliefs additional to Small Business Rate Relief will be made available to small businesses next year.

"In June I wrote to Welsh Government Minister for Finance and Trefnydd, Rebecca Evans, expressing the Chamber’s concerns and seeking clarification as to whether the High Street Rate Relief would be continued for another year at least.

"Last week the Minster responded. The implication on the second page of her response was that she wanted to wait before considering the continuation of, or creation of, reliefs until the latest Non Domestic Rateable Value property revaluation is published in September 2020, before giving new help for small businesses in Wales. It is generally agreed in the business community that without the continuation of High Street Retail Relief for 2020/21 some small retail businesses will fail."