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Mini-budget: Live music, nighttime and hospitality industries react

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the Energy Bill Relief Scheme “will reduce wholesale gas and electricity prices”. “This will provide a price guarantee equivalent to the one provided for households,” Kwarteng said.As announced earlier this week, the scheme will offer discounts for all firms for a six-month period from October 1.

Prices will be fixed at 21.1p per kilowatt hours (kWh) for electricity and 7.5p per KWh for gas.Companies are not required to contact their energy suppliers, as the discount will automatically be applied to bills.Additionally, Kwarteng set out the government’s plan to increase economic growth in the UK.

This will be built around three central priorities: reforming the supply-side of the economy, maintaining responsible approach to public finances, and cutting taxes.There will be a cut in the basic rate of income tax to 19 per cent from April 2023, and a reversal of the recent increase in National Insurance from November 6.

The government has also scrapped the rise in Corporation Tax (from 19 per cent to 25 percent), which had been due next April.You can read the full announcement on GOV.UK.Jon Collins, CEO of Live Music Industry Venues & Entertainment (LIVE), said: “While we are pleased to see the government taking steps to alleviate the cost-of-living crisis, today’s announcement delivers little for the UK’s world leading live music industry.“Jobs are already on a knife edge, and we agree with the Chancellor that there are too many barriers in sectors like ours where the UK leads the world.

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