Music Venue Trust responds to the UK government’s Spring Statement

London, 23rd March 2022 A statement from Mark Dayvd, CEO of Music Venue Trust in response to the UK government’s ‘Spring Statement’ proposals announced today:

Music Venue Trust warmly welcomes the Business Rates discount, which will maintain the 50% Business Rates for grassroots music venues that the government announced pre-pandemic.

However, with no action for businesses on energy bills, or NI liability, and the missed opportunity of action on VAT that would support the sector to recover from the Covid crisis, the outcome of the budget is that none of the extraordinary financial pressures being placed on venues have been mitigated or alleviated. This budget has failed to respond to inflationary increases from rent, supplies, and services running in excess of 20% across the sector.

We note that the government has recommitted itself to supporting business investment, especially research and development. We again ask that the Secretary of State for Culture should enter into meaningful discussions with the live music industry to create R&D tax incentives and direct financial support to achieve that outcome.