AIF CEO Paul Reed on Rishi Sunak's Spring Statement

London, 23rd March 2022

A statement from AIF CEO Paul Reed on Rishi Sunak’s Spring Statement

“We are disappointed that the Chancellor has not responded to our repeated calls to grant an extension to the 12.5% VAT rate on festival tickets beyond the end of March. Festival organisers are experiencing cost increases of between 20-30%, which is way beyond rapidly rising inflation, with extreme pressure along the entire supply chain. We urge the Government to look at this again and maintain the reduced rate on VAT.

“We also ask the Government to urgently reconsider the removal of tax incentives to use certain biofuels. These should be maintained at the current rate as a transitional measure to encourage use of greener fuels at festivals. To do otherwise is completely contrary to the Government’s objectives of incentivising energy efficiency and reducing emissions.”