The Chancellor Jeremy Hunt’s Spring Budget for 2024 carries the hallmarks of an election year, yet it falls short in providing significant benefits for the events industry. With the next general election looming in November, it’s crucial to seize this moment to advocate for the sector to a new generation of MPs.
In the latest Spring Budget, the measures targeting the events industry are limited. While there are higher rates of tax relief for some live performance productions, the industry’s ongoing push to include all live events in such relief remains a key objective. Additionally, disappointment has been expressed at the increase in air passenger duties on business travel, which could have adverse effects on international attendees of business events, conferences, and shows.
For smaller businesses, there is a positive note with the raised VAT threshold. However, the Chancellor has notably prioritised enhancing incentives for the TV, film, and creative industries, stopping short of fully addressing the needs of the wider events sector.
The Business of Events advocates for several policy initiatives, including a review and updates to the Standardised Industrial Classification (SIC) code system to better reflect the industry’s direct value, an easier visa scheme for inbound event business, a tax credit scheme to stimulate event growth, increased government advocacy to attract international events, greater support for national and regional Convention Bureaus, and a stronger focus on events as a platform to help achieve government objectives.
As we approach the 2024 election, it’s essential to highlight that the current EU-UK Trade Cooperation Agreement lacks an exemption for Britons delivering events in the EU 27. This has led to a complex situation where obtaining necessary visas and work permits is challenging and expensive.
Given that the UK is a global leader in event delivery, this situation puts British business at a significant disadvantage. It’s imperative that any incoming government addresses this issue and works with the European Union to introduce a single exemption allowing legal event delivery across borders.
The year 2024 presents a tremendous opportunity for the events sector, and it’s crucial that advocacy efforts intensify now.