Chancellor of the Exchequer Rishi Sunak announced further support for the arts, culture and sports sectors in his 2021 budget in the House of Commons today (Wednesday, March 3). Some of the broader details of the budget it contained had already been leaked (which resulted in House Speaker Sir Lindsay Hoyle digging Boris at an angle), including an extension of the state vacation protection program to late September 2021. But there were crucial details for Londoners Art and culture industry.
There will be £ 700m donated for arts, culture and sports as the venues can be reopened as part of the roadmap due to blocking reasons.
There will be one £ 300m Culture Restoration Fund, and £ 300 million for sports clubs.
The existing Restart of film and television production valued at £ 500 million, launched last October, will be extended.
An additional £ 150m is available to help Communities take over pubs, theaters, and sports clubs.
There will be one in broader measures Repayment Loan Program to which businesses can apply, from £ 25,000 to £ 10 million, and an increased cash incentive for businesses Hire apprentices from £ 3,000.
In addition to expanding the vacation program independent support also continues, with those whose sales have decreased by 30% or more are eligible for the full 80% assistance. Since this is a new tax year, this now also applies to new self-employed persons.
Over the past year there have been repeated calls for more government support across the arts and culture industry, with all areas of the sector badly affected, with many venues announcing that they will be closing for good.
Reaffirming that this budget is focused on protecting, creating and supporting jobs, Sunak said that this round of measures, including its budget for March 2020 presented a few hours before Lockdown 1.0, included the total government spending on support for Covid increases to a massive £ 407 billion, with borrowing not seen since World War II. Whether it is too late for many of London’s most vulnerable locations and precarious workers remains to be seen. Hopefully not.
Here’s what the 2021 budget will do for London’s pubs, bars and restaurants.
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