Ahead of the budget, Michael Hirst OBE, chair
of the UKEVENTS Working Group for Advocacy and Government Relations, lays out UKEVENTS’ recommendations to the government on what the
events industry can offer the United Kingdom.
While the events industry continues to
underpin so much in terms of cultural vitality, societal advancement and trade,
there is much more it can offer the Government in terms of supporting its own
policy agenda.
- Championing innovation: incentivising new event productions and
harnessing the power of tax credits: stimulating innovation and investment
Central
to UKEVENTS' proposal is the concept of incentivising new event productions
through targeted government support. Drawing parallels with the successful tax
credits in the TV and film industry, UKEVENTS advocates for the extension or
adaptation of existing schemes to cover live events. By offering tax credits on
early-year start-up costs for new events located in designated regions and
off-season periods, the government can stimulate innovation, boost employment,
and activate regional economic development.
- Facilitating trade and investment through business events and
fostering collaboration and market expansion
It
is vital to emphasise the pivotal role of events in facilitating trade,
investment, and technological advancement. Business events serve as catalysts
for collaboration, knowledge exchange, and market expansion, with trade
transacted at such events estimated at over £200 billion. By strategically
aligning event incentives with priority industrial sectors, the government can
nurture innovation ecosystems, attract foreign investment, and propel economic
growth.
- Preserving vibrancy and support for small operators in the outdoor
event space amid rising costs
Crucially,
we must stress the importance of supporting small operators in the outdoor
event space, who face mounting operational costs and diminishing local funding.
By allocating additional funding to local authorities and establishing targeted
schemes for small operators, the government can safeguard the diversity and
vibrancy of the events landscape, preventing the loss of shows to local
destinations.
- Establishing a standalone government body for the events industry
with strategic planning
Furthermore,
UKEVENTS advocates for a holistic approach to industry support, encompassing
funding for bidding on international events, reforming tax policies such as the
Tour Operator Margin Scheme (TOMS), business rates and addressing regulatory
barriers to event growth. By consolidating disparate resources and establishing
a standalone government body for the Events Industry, akin to UKSport or Arts
Council, the government can streamline funding distribution, enhance strategic
planning and National delivery, and elevate the industry's profile on the
global stage.
- An evidence-based approach to policy interventions, leveraging
research to substantiate impact
In
crafting its proposal, we have emphasised the importance of an evidence-based
approach, leveraging credible research consultancies to substantiate the
sector's economic impact and the proposed policy interventions' efficacy.
Addressing the Treasury's specified criteria, including effectiveness, revenue
implications, and sectoral impacts, UKEVENTS seeks to align its proposal with
broader economic objectives, promoting growth, employment, and regional
development.
While an evidence-based
approach has been acknowledged as essential, we're continuing to navigate the
complexities of policy advocacy with the Treasury, recognising the importance
of substantiating our proposals with credible research.
- A thriving future for the UK events industry
As
the industry charts a path towards recovery and growth, collaboration between
government stakeholders, industry leaders, and advocacy groups like UKEVENTS is
paramount. Through concerted efforts, informed policy interventions, and
strategic investments, the UK Events Industry can emerge stronger, more
resilient, and poised to unlock its full potential as a driver of economic
prosperity and cultural enrichment. We must inspire collective action and
forging a brighter future for the UK Events Industry and the nation as a whole.
The priorities outlined
by UKEVENTS have been submitted to the Treasury for consideration as part of
its Spring Budget and communicated to the Minister of State for Media, Tourism,
and Creative Industries. Collaboration with other trade bodies on common
issues, such as business rates reform and VAT reduction, is underway to amplify
our collective voice for greater impact.
