Britain's live entertainment sector is begging the Prime Minister to rethink the new Business Rates system, saying the policy is about to wreck grassroots music venues, jack up arena ticket costs, and kill thousands of jobs. Industry leaders sent a letter to No. 10 warning that the Valuations Office Agency revaluations and higher tax multipliers for big event spaces are going to hammer venues at every level, even with the transitional relief the Budget offered.
Small clubs where artists like Ed Sheeran got their start are looking at closures because the finances are already sketchy, and major arenas are staring down rate increases over 100 percent that will probably get pushed onto fans. Mid-sized regional venues are apparently on the edge of shutting down, which would gut local economies that depend on visitor spending at hotels, restaurants, and shops.
The sector wants a 40 percent rate relief like film studios already get, plus an urgent review of how the VOA calculates valuations for event spaces. They're also asking for a meeting with Treasury and other departments to figure out how to stop the closures before they happen.
Small clubs where artists like Ed Sheeran got their start are looking at closures because the finances are already sketchy, and major arenas are staring down rate increases over 100 percent that will probably get pushed onto fans. Mid-sized regional venues are apparently on the edge of shutting down, which would gut local economies that depend on visitor spending at hotels, restaurants, and shops.
The sector wants a 40 percent rate relief like film studios already get, plus an urgent review of how the VOA calculates valuations for event spaces. They're also asking for a meeting with Treasury and other departments to figure out how to stop the closures before they happen.
