MPs say a new stadium and arena ticket tax as well as a reduction in VAT are urgently needed to prevent the closure of local music venues.According to a report by the Culture, Media, and Sport Committee, music venues are closing or discontinuing live performances at a rate of two per week, causing artists to face a "cost-of-touring crisis".
The Music Venues Trust (MVT), which was present before the cross-party investigation, stated that 2023 had been the most difficult year for the industry since its founding in 2014. Meanwhile, Creative UK claimed that the grassroots music industry suffered a "battering".There were 835 grassroots music venues (GMVs) last year, down from 960 in total. This represents a net fall of 13 per cent and the loss of up to 4,000 employment and 30,000 events.
