Nine in ten live events could be scrapped this summer without urgent intervention by the Government, industry experts warn.
The Let Live Thrive campaign led by insurance investor John Kinder has urged Chancellor Rishi Sunak and Culture Secretary Oliver Dowden to underwrite cancellation insurance for festivals, stadium sports, theatre productions, and even weddings, among other events.
The campaign proposes a scheme similar to the Pool Re cover set up after the terrorist attacks of the 1990s.
Under threat: A survey by the Association of Independent Festivals found 92.5 per cent of organisers said they could not stage events without insurance
Under the proposal, the Government would carry 75 per cent of the risk of cancellation due to new Covid restrictions, but this would fall as the health crisis receded.
Threat to nine in ten live events if Government doesn t act
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All The Things Standing In The Way Of Festivals This Summer
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Rishi Sunak stands with the Budget Box outside 11 Downing Street ahead of the Chancellor of the Exchequer s delivery of the budget on March 3, 2021 in London, England.
Government pledges extra £300 million towards fund supporting music, arts and entertainment.
LONDON â Representatives of the U.K. live industry have welcomed new emergency funding measures to prop up the sector but warned that the âclock is tickingâ to save summer festivals.
Speaking in Parliament on Wednesday (Mar. 03), Chancellor of the Exchequer
Rishi Sunak pledged an extra 300 million euros ($419 million) towards the U.K.âs 1.57 billion euros ($2.2 billion) Cultural Recovery Fund, supporting the music, arts and entertainment industries.
Pollstar | UK Budget Lacks Government Backed Insurance For Canceled Events
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