The Business Visits & Events Partnership (BVEP) submitted a budget request to the Treasury ahead of the budget announcement on 3 March 2021.
The request asks for long-term targeted support to aid the recovery of the meetings and events industry.
BVEP chair, Simon Hughes said: “2020 was an incredibly tough year with the entire industry coming to a standstill. Sadly, we have seen a large number of our talented colleagues lose their jobs and a number of businesses and venues close their doors for good. The stark reality is that 76 per cent of all event businesses only have enough funds to keep afloat until the end of next month.”
The BVEP and its members are asking the Government to consider the following support schemes to protect the UK events industry:
- Extension of existing schemes relating to business rates relief and furlough for 12 months
- Support to the events supply chain and freelancers
- Extension of VAT cut for 12 months
- An Event Recovery fund to sustain the cash flow of event businesses
- Capital allowances for improvements to venue premises to ameliorate social distancing costs
- Tax incentives for technology investment for online meetings and broadcast installations
- A Government-backed insurance indemnity scheme to cover upfront investment costs in staging events
- Tax allowance for upfront production and start-up costs for new events
- Increase in the exemption for the annual staff parties
Hughes added: “We are submitting these budget requests to the Government so it can provide some much-needed support, similar to what it has done to aid the recovery of other businesses. It is crucial that the Government acts quickly so the industry can work on its road to recovery and avoids any further business closures.”
Further updates from the BVEP can be found on its website here.
A desire to travel led Holly Patrick to the business meetings and events world and she’s never looked back. Holly takes a particular interest in event sustainability and creating a diverse and inclusive industry. When she’s not working, she can be found rolling skating along Brighton seafront listening to an eclectic playlist, featuring the likes of Patti Smith, Sean Paul, and Arooj Aftab.
