Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what recent assessment his Department has made of the effect of business rates on the viability of (a) live music venues and (b) music studios.

Businesses in the retail, hospitality and leisure sector will receive a tax cut worth almost £1.7 billion in 2022-23. Eligible properties receive 50 per cent off their business rates bill, up to a maximum of £110,000 per business. Combined with Small Business Rates Relief, this means over 90 per cent of retail, hospitality and leisure businesses will receive at least 50 per cent off their rates bills in 2022-23.

The Government also committed to freezing the multiplier for 2022-23, which is a tax cut worth £4.6 billion to businesses over the next 5 years.

Announcements on Business Rates for the upcoming financial year will be made in due course.

The Government also supports our world leading music industry through a range of export support programmes including in 2022-23 the successful Music Export Growth Scheme (MEGS) and the International Showcase Fund (ISF).