The UK government’s budget announcement this week has put in place measures attempting to reduce the economic impact of COVID-19 on small UK businesses and venues after figures showed a large decline in income since news of the illness began.
Businesses with a rateable value of below £51,000 will now not pay business rates for the next twelve months in order to better cope with the financial impact of the coronavirus.
This comes after music venues across the country reported significant loss in recent weeks with industry bodies calling for government assistance if the situation gets worse.
It is estimated that this move could save businesses up to £25,000 after the twelve-month period, with the change set to begin in April.
The music industry across the globe has also taken a significant hit since fears surrounding coronavirus began, with many organisers forced to cancel or reschedule their events.
The US stock prices of major concert promoters have suffered this week following the continuing spread of coronavirus, which has now been classified by the World Health Organisation as a pandemic.
The cancellation of tours combined with the public’s fears surrounding large gatherings is resulting in an exponential loss of revenue for companies involved in the music and touring industries.