Lord Bassam of Brighton
Main Page: Lord Bassam of Brighton (Labour - Life peer)Department Debates - View all Lord Bassam of Brighton's debates with the HM Treasury
(1 day, 8 hours ago)
Lords ChamberTo ask His Majesty’s Government what assessment they have made of the impact of the 2025 Budget on grassroots music venues.
The Financial Secretary to the Treasury (Lord Livermore) (Lab)
My Lords, we are introducing permanently lower tax rates for eligible retail, hospitality and leisure properties, including grass-roots music venues, worth nearly £1 billion a year. As part of the changes to business rates, we announced a £4.3 billion support package to protect those facing higher bills after revaluation. We have also more than doubled funding to support independent artists and grass-roots music venues as part of the music growth package, building on the UK’s strength as a world-leading creative industries destination.
My Lord, that is a very welcome response from the Minister, but I wonder what assessment His Majesty’s Government have made of forecasts that increased business rate valuations could result in a closure of between 80 to 120 grass-roots music venues and place a further 120-plus at risk. How do the Government square this with their welcome commitment to high street regeneration, creative sector growth, the night-time economy and protecting cultural infrastructure? Will the Minister agree to meet representatives from the sector to discuss the issue further?