Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what targeted support the Government plans to offer to businesses that will lose revenue as a result of cancelled events in the spring and summer.

The Government recognises the extreme disruption the necessary actions to combat Covid-19 are having on sectors like events.

During this difficult time the Treasury is working intensively with employers, delivery partners, industry groups, and other government departments to understand the long-term effects of Covid-19 across all key areas of the economy.

We have already announced considerable and unprecedented support for businesses and individuals.

Businesses forced to close can claim grants of up to £3,000 per month (worth over £1 billion per month) through the Local Restrictions Support Grant (Closed). Any business in England forced to close due to national or local restrictions can claim grants, via their local authority, of up to £3,000 per month, per business premises, depending on rateable value.

In addition, on 5th January, the Government announced an extra £4.6 billion to protect jobs and support affected businesses as restrictions get tougher. Businesses forced to close can claim a one-off grant of up to £9,000. This is in addition to the monthly closed grant amounts above. Local authorities (in England) will also be given an additional £500 million discretionary funding to support their local businesses. This builds on the £1.1 billion discretionary funding (worth £20 per head of population) which local authorities in England have already received to support their local economies and help businesses impacted

The Coronavirus Job Retention Scheme (CJRS) has been extended until the end of April. This provides a substantial grant for employers to cover 80% of the wages of their employees.

Eligible events and businesses may have also benefit from business rates relief, a moratorium on commercial tenant evictions and the £1.57 billion Culture Recovery Fund supporting thousands of cultural organisations including theatres, music venues, comedy clubs and festivals.

Looking forward, we will continue to monitor the impact of government support on public services, businesses, individuals and sectors, including the events sector, as we respond to this pandemic. The Budget in March will be an opportunity to take stock of our wider support and set out the next stage of our economic response to the pandemic. But we must recognise that it will not be possible to preserve every job or business indefinitely, nor stand in the way of the economy adapting and people finding new jobs or starting new businesses.