Insights UK Music calls on Chancellor of the Exchequer to back its eight-point plan for jobs and growth


Ahead of the Chancellor’s Spring Budget on 15 March 2023, UK Music Chief Executive Jamie Njoku-Goodwin has written to the Chancellor calling on him to back a new eight-point plan drawn up by UK Music. UK Music and its members devised the eight-point blueprint for the Government to help ensure the sector “retains its competitive edge and continues to grow”.

According to UK Music’s latest figures, the UK music industry contributed around £4 billion to the UK economy in 2021, down from its pre-Covid record high of £5.8 billion. The sector supports 145,000 jobs and saw exports grow 10% last year to £2.5 billion. Four of the ten most-streamed tracks globally on Spotify over the past year were by British artists, with Harry Styles’ As It Was being streamed 1.6 billion times.

UK Music Chief Executive Jamie Njoku-Goodwin said the industry could grow still further, but needed Government help to continue to lead the world in a competitive global market.

UK Music’s eight-point plan for the Government outlines where the music industry needs support:

  • energy bills: give more support to venues, studios and music spaces hit by soaring energy costs;
  • business rates: ease the tax burden on music businesses by reducing business rates on live music venues and studios;
  • VAT: cut VAT on live events, such as music and theatre events, to 5% to bring UK more in line with EU nations and help stimulate live music;
  • fiscal incentive: create a new tax relief for the music industry, like those enjoyed by film and TV, to boost music production;
  • export office: set up a new music export office to drive British music exports and help future talent grow their international audiences;
  • orchestral tax relief: extend the 50% uplifted Orchestra Tax Relief (OTR) rate and boost the sector by ditching plans to cut the rate to 25% by 2024;
  • arts pupil premium: deliver on the manifesto pledge to introduce this extra support to help all students access music education; and
  • transitional support package: set up a fund to help the music industry deal with the extra costs of leaving the EU and the impact of Brexit on touring UK musicians and crew.

To read UK Music’s press release in full and for a link to the letter to the Chancellor, click here.