Plans to revert VAT on ticket sales to pre-pandemic levels will be “hugely damaging” for the music industry.
UK Music Chief Executive Jamie Njoku-Goodwin has urged Chancellor Rishi Sunak to scrap an anticipated 7.5% hike on live event ticket sales expected in next week's 'mini-Budget'.
A return to 20% would see the UK’s VAT on tickets - already one of the highest in Europe - far surpass levels set in Spain (10%), Germany (7%) and Belgium (6%), the association says.
Promoters and music industry chiefs are concerned it will force rising in ticket prices, which Njoku-Goodwin said would "leave music fans facing a cost of gigging crisis”.
“Dumping the planned VAT hike would help keep ticket prices down for fans and help music businesses pay down debts they built up during the pandemic, generate thousands of new jobs and nurture new talent,” he added.