As many of us get excited about the busy festival season, news like this is very sad to witness and should not be taken lightly. Another festival succumbing to the relentless financial pressures that are causing havoc in the events industry should be a stark reminder of how fragile the sector is at present. The ripple effects of soaring operating costs highlight the urgent need for sustainable solutions. AIF CEO John Rostron says in the article, “The speed of festival casualties in 2024 shows no sign of slowing. We are witnessing the steady erosion of one of the UK’s most successful and culturally significant industries not because of a lack of demand from the public but because of unpredictable, unsustainable supply chain costs and market fluctuations. In asking for a temporary reduction in VAT related to ticket sales, we have provided Government with a considered, targeted and sensible solution, which would save this important sector. We need action now.” The loss of festivals extends beyond entertainment. These events generate significant economic activity, supporting local businesses and providing employment opportunities. Their absence means lost revenue, job losses, and diminished community spirit. The reduction of ticket VAT with the suggested 5% initiative may not be a long-term fix but it will help keep festivals afloat! Actions need to be taken before it's too late. https://lnkd.in/e9ZxP6GC
Interesting read - Thank you for sharing
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7moThere's no 😢😭😞 reaction, so I can't like this post. Heart breaking news for the industry.