Events Industry: Finance

(asked on 5th January 2022) - View Source

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what recent financial provisions he has made, following the implementation of covid-19 Plan B, for businesses within the live events sector.


Answered by
Simon Clarke Portrait
Simon Clarke
This question was answered on 10th January 2022

For businesses within the live events sector, the Live Events Reinsurance Scheme supports events that the general public are able to purchase tickets to - such as music festivals, sporting and business events - that are at risk of being halted or delayed due to an inability to obtain COVID-19 cancellation insurance. Over £800 million in cover will be available to purchase alongside standard commercial events insurance for an additional premium. Cover is being bought by events across the UK. This intervention supports the UK’s economic recovery from the COVID-19 crisis by giving events across the country the confidence they need to plan for the future.

This is a world-leading insurance scheme, backed by a number of prominent insurers in the Lloyd’s market, including Arch, Beazley, Dale, Hiscox and Munich Re, with few countries offering this kind of cover. It builds on our existing offering of support to the industry, including the £500 million Film and TV Production Restart scheme.

The government announced last month that it is making available an additional £30m through the nearly £2 billion Culture Recovery Fund (CRF) to increase the Emergency Resource Support currently available for cultural organisations to apply for. So far more than £1.5 billion has been allocated to around 5,000 individual organisations and sites through the CRF including theatres, orchestras, dance and music venues, supporting live events and performance.

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