01.11 - Budget hike for SMEs in UK events sector; Excel London acquires Business Design Centre

Welcome back to 'In the Loop'!

In this edition, we dive into the latest developments shaping the UK’s events industry, including concerns from the Events Industry Alliance over the recent budget’s tax hike and its potential impact on small and medium-sized businesses.

We also examine the findings from UKEVENTS’ latest report, which highlights the sector’s impressive £61.6bn annual contribution to the economy and its strong post-pandemic recovery. Plus, Excel London's parent company, ADNEC Group, expands its venue portfolio with the acquisition of the Business Design Centre, strengthening its capacity to host a diverse range of events in the capital.

📉 Budget hike in tax for small and medium-sized businesses detrimental to growth for UK events sector, says EIA

Overview: Following the UK Chancellor's recent budget announcement, which includes a hike in employers' National Insurance contributions to 15%, the Events Industry Alliance Ltd (EIA) and industry leaders express concerns about the negative impact on growth for small and medium-sized businesses in the events sector.

Key Reflections:

• Industry Impact: The EIA emphasised that rising employment costs could hinder growth, with increasing tax burdens affecting jobs, wages, and service quality.
• Sector Insights: Jacqui Kavanagh , CEO of EDGE Venues , noted that the National Insurance hike may force businesses to adopt AI in place of personal services, affecting service quality.
• Cost Pressures: Kerrin MacPhie , CEO of Meetings Industry Association , expressed concerns over increased wages and reduced relief for business rates, adding further cost pressures to venues and conference centres across the UK.

🔗 Read more

📊 UK events industry generates £61.6bn annually, according to new report

Overview: UKEVENTS (Org) ’ 2024 report reveals that the UK events industry generated £61.6bn in 2023, nearly returning to pre-pandemic levels. Compiled by Great Potential Consultancy, the report highlights the sector’s contributions across corporate, public, and charity events, as well as its cultural and economic impact.

Key Reflections:

• Sector Breakdown: Corporate events brought in £33.6bn, while leisure and outdoor events contributed £28bn, showcasing the industry’s diverse revenue streams.
• Sustainability & Tech Focus: The report notes an increased emphasis on sustainability and AI, helping the UK remain globally competitive.
• Industry Resilience: Chris Skeith OBE , UKEVENTS chair, commends the sector’s adaptability and growth, urging government support for continued industry expansion.

🔗 Read more

🏢Excel London acquires Business Design Centre

Overview: Excel London , a subsidiary of the ADNEC Group , has acquired the Business Design Centre (BDC) in Islington. Known for hosting iconic events like the London Art Fair, the BDC spans a 4.5-acre estate, offering 6,000sqm of event space and an additional 12,500sqm for office and showroom rentals. This acquisition is part of ADNEC’s strategy to strengthen its presence in the global events market, now holding four major venues worldwide.

Key Reflections:

• Historic Significance: Originally established in 1862, the BDC is a Grade II listed venue with deep roots in London’s events scene.
• ADNEC’s Expansion: The acquisition reinforces ADNEC’s commitment to the UK market, adding to its portfolio of world-class venues.
• Leadership’s Vision: Excel London's CEO Jeremy Rees noted that this move underscores ADNEC’s commitment to supporting London's status as a top global events destination.

🔗 Read more

🌍 VisitBritain targets 18 cities with new growth programme

Overview: VisitBritain ’s Business Events Growth Programme has supported 62 events across 18 UK cities, generating £45.5m for the economy since 2018. With a focus on sectors like healthcare, technology, and sustainability, the programme has driven year-on-year growth in business events and aims to further elevate the UK’s global profile.

Key Reflections:

• Economic Impact: Each pound invested generated £33m in economic returns, highlighting the programme’s value.
• Sector-Specific Focus: Events supported align with the UK Government’s priority sectors, enhancing the nation’s appeal to international audiences.
• Sustainable Initiatives: Applicants are encouraged to include sustainability and community engagement in event plans, supporting UK cultural and economic goals.

🔗 Read more

🤝 Live Group launches platform to improve inclusion in events

Overview: Live Group has launched Envoku , an AI-powered platform designed to enhance inclusivity and personalisation in events. By gathering and analysing audience data, Envoku tailors event experiences to diverse audience needs, supporting meaningful connections and equitable participation.

Key Reflections:

• Audience Profiling: Envoku decodes audience preferences and interests, personalising experiences and agendas for each attendee.
• Real-Time Adaptation: The platform dynamically adjusts content and networking opportunities based on real-time engagement.
• Commitment to Inclusivity: Toby Lewis , CEO of Live Group, highlights the platform as a step towards more empathetic and accessible event design.

🔗 Read more

About Conference News

Conference News is the UK's number one publication for news, insights and thought leadership on the meetings, incentives, conferences and exhibitions industry. CN is a multi-platform resource providing the latest event sector trends and developments to corporate, agency, association and not for profit organisers, and its industry suppliers.

Visit our website

Receive weekly UK MICE industry news directly to your inbox! Subscribe for FREE here.