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Wholesale Trade: Business Rates

Question for Treasury

UIN 272, tabled on 11 May 2021

To ask the Chancellor of the Exchequer, what assessment his Department has made of the potential economic effect on the wholesale sector of the length of time taken to allocate funding under the new business rates relief fund.

Answered on

19 May 2021

The government has announced a £1.5 billion pot of additional business rates relief for businesses affected by the COVID-19 pandemic that have not otherwise been eligible for existing reliefs. The statement by the Minister of State for Regional Growth and Local Government of 25 March 2021 explained the relief will be allocated to English local authorities based on the stock of properties in the area and the sector-specific economic impacts of COVID-19.

The devolved administrations will receive an additional £285 million through the Barnett formula as a result of this relief announcement. Wales will receive £90 million, Scotland £145 million and Northern Ireland £50 million. Business rates are devolved in Scotland and are therefore a matter for the Scottish Government.

Answered by

Treasury