UK Music is urging Chancellor to use his Budget to seize a
“huge opportunity” to boost jobs and growth in the sector.
In a letter to the
Chancellor ahead of his March 15 Budget, UK Music Chief Executive
calls on Mr Hunt to
back a new eight-point plan drawn up by UK Music.
As the collective voice of the UK music industry, UK Music and
its members devised the eight-point blueprint for the Government
to help ensure the sector “retains its competitive edge and
continues to grow”.
According to UK Music’s latest figures, the UK music industry
contributed around £4 billion to the UK economy in 2021 - down
from its pre-Covid record high of £5.8 billion.
The sector supports 145,000 jobs and saw exports grow 10% last
year to £2.5 billion. Four of the ten most-streamed tracks
globally on Spotify over the past year were by British artists,
with Harry Styles’ As It Was streamed 1.6 billion times.
UK Music Chief Executive said the industry
could grow still further - but needed Government help to continue
to lead the world in a competitive global market.
UK Music’s eight-point plan for the Government outlines where the
music industry needs support:
- Energy Bills: Give more support to venues, studios and music
spaces hit by soaring energy bills.
- Business Rates: Ease the tax burden on music businesses by
reducing business rates on live music venues and studios.
- VAT: Cut VAT on live events, such as music and theatre
events, to 5% to bring UK more in line with EU nations and help
stimulate live music.
- Fiscal Incentive: Create a new tax relief for the music
industry like those enjoyed by film and TV to boost music
production.
- Export office: Set up a new music export office to drive
British music exports and help future talent grow their
international audiences.
- Orchestral Tax Relief: Extend the 50% uplifted Orchestra Tax
Relief (OTR) rate and boost the sector by ditching plans to cut
the rate to 25% by 2024.
- Arts Pupil Premium: Deliver on the manifesto pledge to
introduce this extra support to help all students access music
education.
- Transitional Support Package: The Government should set up a
fund to help the music industry deal with the extra costs of
leaving the EU and the impact of Brexit on touring UK musicians
and crew.
said:
“Our music industry is one of the jewels in the crown of British
business. The fantastic work of international stadium-fillers
like Harry Styles, Adele and Ed Sheeran, along with brilliant new
talents like Wet Leg and Sam Ryder, is heard in every corner of
the world.
“The global music market is ferociously competitive, and our
sector needs support from Government if we are to remain world
leaders and ensure our contribution to the UK economy reaches a
new high in the years ahead.
“Without the right support, there will be a real threat to the
talent pipeline, which the music industry relies on for the next
generation of future stars.
“The eight-point plan that UK Music and our members have drawn up
spells out the huge opportunity the Chancellor has to help us
drive jobs and growth and continue the success story of UK
music.”
UK Music represents all sectors of the music industry, bringing
them together to collaborate, campaign and champion music.
The members of UK Music are: AIM, BPI, FAC, The Ivors Academy,
MMF, MPA, MPG, MU, PPL, PRS for Music.
END
Notes to editors
The letter from UK Music can be read in full here.
