Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment he has made of the adequacy of financial support for the events industry during the covid-19 outbreak.

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

During this difficult time the Treasury is working intensively with employers, delivery partners, industry groups and other government departments such as the Department for Digital, Culture, Media & Sport to understand the long-term effects of COVID-19 on the events sector.

The Chancellor has already announced unprecedented support for individuals and businesses to protect against the current economic emergency. This includes the deferral of VAT payments and a year-long rates holiday for eligible businesses while some businesses have benefitted from a range of grants and government-backed and guaranteed loan schemes.

The Government has further set out our economic package of support for businesses over the Winter, including monthly grants for closed businesses worth up to £3,000 per month, extending the furlough scheme to April and providing further SEISS grants to support the self-employed to April.

But given the further national restrictions announced by the Prime Minister, the Treasury is providing additional support to the most affected businesses, worth £4.6 billion across the United Kingdom.

• A one-off grant for closed businesses in England of up to £9,000
• £500m discretionary funding provided to English local authorities to support local businesses

Furthermore, the application deadline for the loan guarantee schemes – Bounce Back Loan Scheme, Coronavirus Business Interruption Loan Scheme and Coronavirus Large Business Interruption Loan Scheme – has been extended to the end of March 2021 and we will also adjust the Bounce Back Loan Scheme rules to allow businesses who have borrowed less than their maximum (i.e. less than 25 per cent of their turnover) to top-up their existing loan.

We will continue to monitor the impact of Government support with regard to supporting businesses, individuals, and sectors such as events as we respond to this pandemic.