UK Music is calling on the government to protect the music industry’s post-Covid recovery from an “economic storm”.
Figures from the organisation’s annual report into the music industry show its contribution to the UK economy and employment figures remain down on pre-pandemic levels.
The industry contributed £4bn to the economy in 2021, a 26% increase on 2020 but still almost a third (31%) down on the record pre-Covid of a £5.8bn in 2019.
Employment in the music industry increased to 145,000, 14% higher than 2020 but 26% down on 2019 levels.
UK Music Chief Executive Jamie Njoku-Goodwin said there is “still some way to go” to restore jobs and growth lots during the pandemic.
He added the sector is facing serious threat from “the economic storms that could blow our fragile recovery off courses without urgent government support”.
His comments come ahead of the government’s emergency budget expected tomorrow (23 September).
“The new Prime Minister has said she wants to cut taxes to stimulate growth,” Njoku-Goodwin added.
“If she is serious about this, then she should use the emergency budget to reduce the tax burden on the music industry, for instance by extending the hugely successful creative industry tax reliefs to the music industry.”