Martin FullardMusic venues are among the winners in the chancellor of the exchequer’s Autumn Budget, delivered 27 October.
Chancellor Rishi Sunak announced to the House of Commons that he is introducing a 50% business rates discount for retail, hospitality, and leisure sectors, with eligible businesses able to claim a discount on their bills of up to a maximum of £110,000. While precise details of which businesses will be eligible, he singled out music venues as among those which would be able to avail the discount.
The chancellor also confirmed that the minimum wage will rise to £9.50 from £8.91 in 2022, and with that announced further funding for apprenticeships.
Domestic business travel within the UK received an economic boost as the chancellor announced a cut to Air Passenger Duty, making it cheaper to fly within the UK, although this has been met with opposition on the grounds of environmental impact.
While no specific measures were offered to the events industry, £7bn worth of transport funding was announced for areas including Greater Manchester, the West Midlands and South Yorkshire for projects ranging from tram improvements to introducing “London-style” improvements in infrastructure.