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UK Music Chief Reacts to Chancellor’s Spring Statement

UK Music Chief Executive Jamie Njoku-Goodwin vows to keep the pressure up on the Government following the Chancellor's spring statement.

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23.03.2022: UK Music Chief Executive Jamie Njoku-Goodwin vows to keep the pressure up on the Government following the Chancellor’s spring statement. 

Responding to Chancellor Rishi Sunak’s mini-Budget on Wednesday, Jamie Njoku-Goodwin said the sector was disappointed at the Government’s failure to abandon plans to hike VAT from 12.5% to 20% in April.

UK Music Chief Executive Jamie Njoku-Goodwin said:

“After two years of devastation from the pandemic and fresh economic challenges coming down the track, the music industry has been desperate to get back on its feet and get the support we need to secure a sustainable recovery.

“So we welcome the confirmation of the extension of business rates relief that will benefit many music venues.

“However, the spring statement missed the opportunity to help the UK music industry at crucial point in its fightback from the impact of COVID-19.

“We are disappointed that the Chancellor failed to abandon his planned VAT hike in April from 12.5% to 20% on ticket prices which would have been a lifeline to grassroots music venues in particular.

“The tax hike is likely to mean that ticket prices could increase at a time when household budgets are already stretched because of the rising cost of living.

“As the collective voice for the UK music industry, we will continue to press the Government to help the music industry play a leading role in the post-pandemic recovery.

“We would like to see the Government pave the way for the music industry to enjoy the same kind of fiscal incentives enjoyed by the film, television and animation industries.  This would encourage investment and help us nurture the talent pipeline for our world-leading music industry.

“The Government must also look at more support for the self-employed who were among the hardest hit by the pandemic, particularly in the must industry where two-thirds of the workforce are self-employed.”

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