Home Business News Sunak pledges £750m insurance scheme for live events to help organisers plan with confidence

Sunak pledges £750m insurance scheme for live events to help organisers plan with confidence

by LLB political Reporter
6th Aug 21 10:25 am

The Chancellor, Rishi Sunak has said the government are backing £750m insurance scheme for live events and the festival sector.

Sunak wrote on Twitter, “We’re backing the events sector with a world-leading insurance scheme.

“I’ve heard the calls from organisers and this new scheme, worth over £750 million, will help them plan events with confidence through to next year.”

Michael Kill CEO NTIA said, “I am extremely pleased that the Government has decided to introduce an insurance scheme for the events and festival sector, it stands testament to a Government that is starting to acknowledge the varying issues within the sector and through engagement, take the appropriate action to protect businesses and jobs.

“Over 700,000 people work within this sector, it will give some comfort and certainty to supply chain and freelancers that heavily rely on this industry for their main source of income, and we would hope that with this news many will feel confident in returning to work within the sector.”

“It is devastating that the timings of this scheme could not have been earlier, as we have already lost many amazing festivals and events to the uncertainty that this pandemic represents, but I feel that this scheme will allow a beleaguered sector to start to rebuild and plan with confidence for the future.”

John Fell, from the Mostly Jazz, Funk and Soul and Beyond the Tracks festivals, said he welcomes the scheme, but it has come “six to eight months too late.”

Fell said, “The just announced government insurance scheme is a welcomed initiative by the music industry. However, the scheme has come six to eight months too late for many festivals this summer.

“This includes our own Mostly Jazz, Funk and Soul and Beyond the Tracks which are later in August and then we have a third event in September.

“Most festivals have already postponed to 2022 due to lack of confidence in being able to deliver it with so many moving parts alongside the lack of a government backed insurance scheme.

“It is good news at least for 2022 and will allow festivals to have confidence in trying to deliver a successful season of events in the summer.”

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