Live events sector warns PM of 'devastating' impact from Business Rates overhaul

"In a strongly worded letter sent to No 10, senior figures from the sector said the changes unveiled at the Budget - including steep revaluations by the Valuations Office Agency (VOA) and a higher Business Rates multiplier for large event venues - would have "devastating, unintended consequences" for the cultural economy. They warned that the combined effect of unprecedented valuation increases and higher tax charges would "undermine many of the Government's own priorities", despite the Budget's transitional relief measures and lower multipliers for smaller properties."

"The letter sets out a bleak picture for music and entertainment spaces at every level. Hundreds of grassroots music venues, the launchpads of artists such as Ed Sheeran - could be forced to shut as rising Business Rates make already fragile finances untenable. "These venues are where artists like Ed Sheeran began their career," the signatories wrote. "Their loss would deprive communities of valuable cultural spaces and limit the UK creative sector's potential.""

"The warnings extend to the UK's major arenas, many of which are facing Business Rates hikes of more than 100%. Operators say these extra costs will almost certainly be passed on to consumers, pushing ticket prices higher at a time when the Government has vowed to tackle the cost-of-living crisis. "Ticket prices for arena shows will increase," the letter said. "Dramatic rises in tax costs will likely trickle through to consumers.""

The live events sector urges an immediate review of the government's new Business Rates system amid fears of venue closures, job losses and higher ticket prices. Revaluations by the Valuations Office Agency and a higher multiplier for large venues are cited as causes of steep tax increases. Transitional relief and lower multipliers for smaller properties are in place but are unlikely to offset unprecedented valuation rises. Grassroots music venues could be forced to close, depriving communities of cultural spaces. Major arenas face hikes over 100%, with operators warning increased costs will be passed to consumers.

Read at Business Matters