MUSIC BUSINESS · ·Billboard
U.K. Music Industry Responds to Autumn Budget Business Rates Cut
The U.K. music industry responded to the Autumn Budget presented by Chancellor John Healey, which increased a business rates reduction for pubs, clubs and music venues to 35%.
Chancellor John Healey presented the Autumn Budget statement in Parliament on Wednesday, Oct. 28. The U.K. music industry responded to the Budget and called for the government to go further with tax reliefs and implementation.
Earlier in the year, a 20% business rates cut was announced for pubs, clubs and music venues. Healey announced the reduction had increased to 35% and would apply to all venues under a rateable value of £1 million. Businesses under a rateable value of £18,000 will not pay any business rates.
Music Venue Trust's Toni-Coe Brooker called the measures positive steps toward easing financial pressure on grassroots music venues, and said business rates are only one part of the challenge, as venues face substantial operating costs.
U.K. Music said the rate relief was good news but wants business rates relief extended to recording studios. The U.K. recording sector is worth £1.57 billion.
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