It will cover costs incurred for cancellations due to Covid restrictions being imposed ‑ as insurance has been an obstacle for organisers during the pandemic. The Chancellor’s announcement delighted the entertainment industry that feared further “devastating” disruption without intervention.
Mr Sunak said: “I know organisers are raring to go now that restrictions have been lifted.
“But the lack of the right kind of insurance is proving a problem…I want to do everything I can to help event providers.”
Speaking as he visited the London Wonderground outdoor family festival yesterday, he added: “With this new insurance scheme, everything from live music in Margate to business events in Birmingham can go ahead with confidence.”
UK Music boss Jamie Njoku-Goodwin praised the “incredibly welcomed” announcement. He said: “The inability to obtain insurance has already caused many cancellations this summer.”
The sector is worth more than £70billion a year to the economy and supports more than 700,000 jobs.