Rishi Sunak stands with the Budget Box outside 11 Downing Street ahead of the Chancellor of the Exchequer's delivery of the budget on March 3, 2021 in London, England.LONDON — Representatives of the U.K. live industry have welcomed new emergency funding measures to prop up the sector but warned that the “clock is ticking” to save summer festivals.pledged an extra 300 million euros towards the U.K.’s 1.
Sunak also announced an extension through September of the job-retention scheme, which pays 80% of a furloughed employee’s wages. Other measures included in the chancellor’s 2021 budget include a six-month extension to the reduced 5% VAT on ticket sales, as well as continued business-rate relief for venues unable to open due to the pandemic.
“Today’s budget focused on helping live music to survive the long months of closure still ahead of us,” saidLast month, the U.K. became the first major music market in Europe to unveil afor its live sector to return to operation. Limited-capacity concerts can return starting May 17 and all social distancing restrictions will be lifted on June 21, provided COVID-19 infection rates continue to fall and there is no let-up in the U.K.’s vaccination program.
“What the entire live sector wants is to be allowed to trade safely out of this situation,” said Noble.According to the Association of Independent Festivals, nine out of 10 U.K. festival organizers say they cannot proceed with their events without a viable insurance scheme in place. For a festival taking place in early July, around 40% of total costs would need to be paid before mid-June and that the average cost of staging a festival in the U.K. is 6 million euros , the AIF says.
their 2021 editions, although organizers for Creamfields and Reading/Leeds festivals have said that their events are going ahead.