Industry statements on the Budget28 October 2021 - Press release
A statement from AIF CEO Paul Reed on the UK Government's 2021 Budget and Spending Review
"We look forward to hearing more detail about some of the measures announced by the Chancellor today, in particular the allocation of further Covid-19 recovery funding for the cultural sector. On the surface, however, it doesn't go far enough in supporting our truly world-leading festival industry. It is clear that the most effective way for the Government to support the industry's recovery into 2022 and beyond would be to extend the VAT reduction on tickets, look closely at a permanent cultural VAT rate, and completely remove festivals based on agricultural land from the business rates system. Unfortunately, none of this was forthcoming today."
Geoff Taylor Chief Executive BPI said:
"The BPI welcomes The 2021 Budget commitment to facilitate UK exports and support for business. We hope to see an ambitious approach to the Music Export Growth Scheme (MEGS) and the promotion and protection of IP in all future trade deals. It's also positive to see business rates cut for hospitality and leisure businesses, but more could be done to help the industry recover, including music tax incentives to help boost jobs and economic growth."
Greg Parmley, CEO, LIVE:
“We’re glad to see that live music will receive some benefit from today’s Spending Review – including tax relief, business rates, and some extension in terms of funding. “However, with the word ‘music’ completely absent from today’s announcement, we remain steadfast in our drive to see Government pay attention to the key issues we are facing: the impacts of Brexit, the recovery from COVID and the long-term growth of the sector. We need Government to give us the tools to make progress, which were unfortunately missing from today’s news.”
Paul Pacifico, CEO of AIM said:
"It's encouraging to see the Government recognise the serious blow Covid dealt to the UK's music industry in today's budget, discounting business rates for music and other hospitality venues and for premises improvements and green tech use as well as increasing tax reliefs for orchestras. However, more must be done to support the globally significant independent music sector to ensure a viable future for diverse music, creators and entrepreneurs. One key proposal is a tax relief scheme for music, like those successfully implemented in other creative industries such as film and games. This cost-effective measure could provide our sector with the boost it needs, attracting inward investment and creating a ripple effect across the wider music ecosystem. We urge government to include music in such schemes at the next opportunity."