Finance

The UK Government has said it will help Glasgow address its culture funding crisis.

The city’s cultural operator Glasgow Life has warned it cannot reopen more than 90 of its 171 venues if it does not secure funding above the £100m pledged by Glasgow Council over the next for years.

The charitable trust announced plans to cut 500 jobs earlier this year.

UK Government Minister for Scotland Iain Stewart said he is "keenly aware" of the difficulties Glasgow Life faces.

"The cultural importance of Glasgow's museums cannot be overstated. I am determined to do everything I can to support efforts to secure the future of our wonderful collections."

Glasgow Life Chairman David McDonald welcomed Stewart's comments and hoped they spark a meeting between Scotland Office and the Scottish Government to "protect cultural growth in Glasgow".

The Government has pushed back plans to digitalise the tax system for sole traders with annual income over £10,000.

The delay means freelancers will not need a digital tax account until April 2024, when HMRC are expected to introduce quarterly payments.

The proposed tax regime could cause freelancers to pay up to two years’ tax at once and has been met with concern from the creative sector.

Financial Secretary to the Treasury Lucy Frazer said the Government’s decision was due to “stakeholder feedback”.

Tax advisor Guy Sterling called the delay as a “general hurrah” for freelancers.

“Perhaps the lobbying worked, or HMRC hasn’t got the software quite ready [but] creative industry freelancers will be delighted with this prudent decision.”

The music industry is urging better financial support for shielding musicians after research found 70% are facing financial hardship.

Nearly 60% said they hadn’t received any financial support during the pandemic and almost 40% say they must continue shielding beyond the end of Covid restrictions.

Musicians' Union General Secretary Horace Trubridge said shielding musicians are being “left behind with no support”.

Alongside The Ivors Academy, the union is asking the Government to extend furlough and self-employment support for shielding musicians until they can safely return to work.

“The Government must provide clearer, accessible guidance, and ensure that this group of workers can access financial support to stay safe and not be forced to choose between going to work and their health,” Trubridge added.
 

The Competition and Markets Authority (CMA) is investigating Sony Music Entertainment’s acquisition of two Kobalt Music Group subsidaries, AWAL and Neighbouring Rights.

The watchdog believes the £312m deal, completed in May, could limit competition after an initial investigation.

The CMA found evidence AWAL was "well-placed" to compete with Sony in the future, recognising the music distributor as "one of few suppliers outside the major labels that succeeded in gaining a meaningful foothold in the market".

CMA's Senior Director Colin Raftery said the merger could worsen deals for many music artists in the UK, leading to less innovation across the industry.

Sony has said it is "perplexed" by the findings. The industry giant has until September 14 to address the CMA's concerns, before the deal is referred for an in-depth Phase 2 investigation.