Welsh Government has done a u-turn on plans for every retail, leisure and hospitality property in Wales to get a business rates holiday - with around 200 large stores and major hotels set to be impacted.
The Government in Cardiff Bay had previously said it would replicate plans announced by chancellor Rishi Sunak to give every business in those sectors a year off from paying rates to help mitigate the economic damage from coronavirus.
But it has now performed a u-turn with businesses with a rateable value of over £500,000 set to lose 100% rates relief.
This will impact places like Celtic Manor hotel in Newport and shops like Primark and Debenhams in towns like Llandudno.
Money saved will go to business crisis fund.
A joint statement from Rebecca Evans, minister for Finance and Trefnydd & Ken Skates, minister for Economy, Transport and North Wales, said: "This will affect fewer than 200 properties across Wales but will release more than £100 million to kick-start the economic crisis fund.
"We will be writing to all of the businesses affected and making clear that we will consider discretionary support if there is a compelling economic case to do so."
But Sara Jones, head of the Welsh Retail Consortium, said: "It is extremely disappointing that the Welsh Government has reversed its commitment, made only last week, to provide all retailers in Wales with a year-long full business rates relief to help them through the coronavirus crisis.
Most Read
"With huge new Barnett consequential revenues coming to Wales from the 海角视频 Government, it is astonishing to find Welsh Ministers walking back on their pledge to match the rates relief being applied elsewhere in GB. We are at a loss as to why ministers think firms operating here in Wales are undeserving of the fiscal support on offer to comparable firms in England and Scotland.
“Many retailers who are crucial to sustaining thousands of jobs in communities across Wales will already have taken decisions in light of last week’s decision.
"Many have had to shut their shops over recent days, and the immense cash flow challenges and decisions on jobs which they face due to this unprecedented coronavirus crisis have just got immeasurably tougher.”
Janet Finch-Saunders, Assembly Member for Aberconwy, and Chairman of the Cross-Party Group on Small Shops, said: "On 19 March 2020, the Welsh Government made a clear commitment to provide retail, leisure and hospitality businesses in Wales with a 12-month business rates holiday.
“The U-turn to exclude businesses with a rateable value of £500,000 and above will result in around 200 properties having to pay business rates, despite their probable closure as a result of the current national crisis.
“I am disappointed that the Welsh Government has released this vital financial safety belt for big retail, leisure, and hospitality businesses, as the economic situation continues to worsen due to COVID-19.
“As I know from supporting businesses with rateable value appeals; a high rateable value does not necessarily mean that a business is making significant profit. In many cases, the high rate makes the pressure on monthly outgoings worse.
Don’t miss
“Once again we are seeing the Welsh Government put Welsh businesses at a disadvantage to England, where the 海角视频 Government has committed to a 12-month business rates holiday for all retail, hospitality, leisure and nursery businesses.
“I would ask the Ministers responsible to review this decision and consider providing business rate relief to all businesses in Wales during this crisis."