Live Music Industry Calls on Sunak to Unleash Sector’s Potential in Spring Budget

Rishi Sunak’s Government will miss a golden oppor tunity to unleash the live music sector’s potential if it fails to reinstate a lower rate of VAT and fulfil his campaign promise to cut business rates at upcoming Budget

The live music sector is a catalyst for economic activity in towns and cities right across the UK However, after a tough couple of years during the pandemic , much of the sector is still dealing with the effects of increased costs, post-Covid changes, and a punitive , uncompetitive taxation system

LIVE, the voice of the entire live music sector, is calling on Rishi Sunak’s upcoming Spring Budget to:

1 Deliver on his personal promise to cut business rates

2 Reinstate a lower rate of 5% VAT on tickets (in line with international comparisons)

Rishi Sunak needs to make these simple and fair changes in the upcoming budget to unlock the potential of the industr y to return to pre-pandemic levels and create jobs generate investment and ultimately host more brilliant live events in ever y corner of the UK

Jon Collins, CEO of LIVE said: “The live music sector is a catalyst for economic activity right across the UK but many businesses are still reeling from the pandemic Combined with rising costs, an uncompetitive tax system is holding back a sector-wide resurgence The Government has a golden oppor tunity to turbo boost the industr y by reintroducing the 5% rate of VAT on ticket sales in the upcoming Spring Budget This change would help return live music to full strength protect much loved grassroots venues and mean even more amazing festivals concer ts and gigs in towns and cities across the countr y