UK Music, which acts as a collective voice for the music industry, has called on Chancellor Jeremy Hunt to use the upcoming Budget to boost jobs and growth within the music sector.
Ahead of the March 15 Budget, UK Music chief executive Jamie Njoku-Goodwin has written to the Chancellor to call for his backing on a new eight-point plan drawn up by the organisation.
According to UK Music’s latest figures, the UK music industry contributed roughly £4bn (€4.5bn/$5bn) to the UK economy in 2021 – down on its pre-COVID record-high of £5.8bn. The sector also supports 145,000 jobs and saw exports grow by 10% last year to £2.5bn.
The eight-point plan includes support with energy bills for venues, studios and music spaces; reducing business rates on live music venues and studios; cutting VAT on live events such as music and theatre events; creating a new tax relief for the music industry; setting up a new music export office; extending the 50% uplifted Orchestra Tax Relief (OTR) rate; delivering on a manifesto pledge to support all students wanting to access music education and a transitional support package to help the music industry deal with extra costs related to leaving the EU.
Njoku-Goodwin said: “Our music industry is one of the jewels in the crown of British business. The fantastic work of international stadium-fillers like Harry Styles, Adele and Ed Sheeran, along with brilliant new talents like Wet Leg and Sam Ryder, is heard in every corner of the world.
“The global music market is ferociously competitive, and our sector needs support from Government if we are to remain world leaders and ensure our contribution to the UK economy reaches a new high in the years ahead.
“Without the right support, there will be a real threat to the talent pipeline, which the music industry relies on for the next generation of future stars.”
He added: “The eight-point plan that UK Music and our members have drawn up spells out the huge opportunity the Chancellor has to help us drive jobs and growth and continue the success story of UK music.”