Question to the Department for Digital, Culture, Media & Sport:

To ask the Secretary of State for Digital, Culture, Media and Sport, what financial support he is providing to the music industry to help that industry recover from the covid-19 outbreak.

The Government acknowledges the importance of the music industry to the UK economy and that it has been significantly affected by the impacts of COVID-19.

The £1.57 billion Culture Recovery Fund will benefit the music sector by providing support to venues and many other organisations. Over £1 billion of the fund has now been allocated to over 3,000 arts and culture organisations across the country, including over £54 million to over 300 music venues. A contingency element of £400 million of the Culture Recovery Fund was held back so that it could be most effectively used dependent on the state of the pandemic, with grant applications closing on 26 January 2021. This fund will support cultural organisations facing financial distress as a result of closure, as well as helping them transition back to fuller opening.

The Government’s broader economic measures have also supported the music industry. This support includes business rates relief; £1.1 billion existing discretionary funding for Local Authorities; the furlough scheme and Self-Employment Income Support Scheme, which have been extended to April; and the Coronavirus Business Interruption Loan Scheme and Bounce Back Loan Scheme, which have been extended until March. In addition, the Treasury announced a temporary reduction in VAT for concert tickets from 20% to 5% to take effect from 15 July 2020 for ticket sales until 31 March.