Responding to Chancellor 's mini-Budget on Wednesday,
said the sector was
disappointed at the Government's failure to abandon plans to hike
VAT from 12.5% to 20% in April.
UK Music Chief Executive said:
"After two years of devastation from the pandemic and fresh
economic challenges coming down the track, the music industry has
been desperate to get back on its feet and get the support we
need to secure a sustainable recovery.
“So we welcome the confirmation of the extension of business
rates relief that will benefit many music venues.
"However, the spring statement missed the opportunity to help the
UK music industry at crucial point in its fightback from the
impact of COVID-19.
“We are disappointed that the Chancellor failed to abandon his
planned VAT hike in April from 12.5% to 20% on ticket prices
which would have been a lifeline to grassroots music venues in
particular.
“The tax hike is likely to mean that ticket prices could increase
at a time when household budgets are already stretched because of
the rising cost of living.
“As the collective voice for the UK music industry, we will
continue to press the Government to help the music industry play
a leading role in the post-pandemic recovery.
“We would like to see the Government pave the way for the music
industry to enjoy the same kind of fiscal incentives enjoyed by
the film, television and animation industries. This would
encourage investment and help us nurture the talent pipeline for
our world-leading music industry.
"The Government must also look at more support for the
self-employed who were among the hardest hit by the pandemic,
particularly in the must industry where two-thirds of the
workforce are self-employed."
