Britain’s live events industry has issued a stark warning to the Prime Minister, urging an immediate review of the government’s new Business Rates system amid fears it will trigger widespread venue closures, job losses and higher ticket prices across the country.
In a strongly worded letter sent to No 10, senior figures from the sector said the changes unveiled at the Budget — including steep revaluations by the Valuations Office Agency (VOA) and a higher Business Rates multiplier for large event venues — would have “devastating, unintended consequences” for the cultural economy.
They warned that the combined effect of unprecedented valuation increases and higher tax charges would “undermine many of the Government’s own priorities”, despite the Budget’s transitional relief measures and lower multipliers for smaller properties.
The letter sets out a bleak picture for music and entertainment spaces at every level. Hundreds of grassroots music venues, the launchpads of artists such as Ed Sheeran — could be forced to shut as rising Business Rates make already fragile finances untenable.
Support authors and subscribe to content
This is premium stuff. Subscribe to read the entire article.
