Music Industry

Viscount Trenchard Excerpts

Thursday 10th September 2020 Lords Chamber

[Baroness Barran (Con)]

Obviously, my department is working very closely with those involved in the negotiations, and we aim to negotiate reciprocal arrangements which will facilitate businesses, including musicians and groups of musicians, to deliver their services within the EU.

[Viscount Trenchard (Con) [V]]

I declare my interest as a director of Standon Calling Ltd, a music festival business. I understand that the funding available through the cultural recovery fund has separate allocations for small loans of between £50,000 and £250,000 and larger loans from £250,000 up to £3 million. Can my noble friend tell the House to what extent the smaller loans category has been subscribed? If it has been oversubscribed, will the Government direct funding from the larger loans allocation to the smaller loans category, where it is of greatest assistance to freelance artists and the self-employed, who have not been able to benefit from the furlough scheme?