To ask the Secretary of State for Digital, Culture, Media and Sport, what recent assessment he has made of the potential (a) economic and (b) cultural merits of introducing a Government-backed insurance underwriting scheme for live music events.
Answered on
26 February 2021
We are aware of the concerns which have been raised about the challenge of securing indemnity for live events.
Understandably, the bar for considering Government intervention is set extremely high. Given the high costs involved in setting up a scheme we need to make sure it is the most effective use of funds at a time when we are looking at how best to support the sector.
The evidence of market failure must clearly demonstrate that such a scheme is the only barrier to staging events. At the moment, progress with the vaccine rollout and beating the virus is crucial in achieving the next stages for large events as set out in the roadmap. As such, HM Treasury does not believe that now is the right time for an insurance intervention.
We are working closely with the sector to determine the appropriate and most effective response within the public health context.