UKEVENTS, this week has submitted its recommendations ahead of the Autumn Budget, urging the Government to recognise the events industry as a major contributor to economic growth, investment and regional development across the United Kingdom.
As the umbrella organisation for the UK events industry, UKEVENTS is calling for targeted investment and fiscal measures that would strengthen one of the nation’s most valuable economic assets.
The UK events industry currently generates £68.7 billion in annual direct consumer spending, supports more than 700,000 jobs, facilitates over £200 billion in trade, research and knowledge exchange activity, and accounts for almost 46% of all visitor economy spending.
In its submission to Treasury, UKEVENTS outlines five key recommendations:
1. Extend Creative Industry Incentives to Events
- Introduce tax incentives for new business and live events, particularly in regional destinations.
- Encourage investment, stimulate demand and support local economic growth across the UK.
2. Reinstate the Business Events Growth Programme
- Restore and expand the highly successful VisitBritain-led programme that attracted international conferences and exhibitions to the UK.
- The programme previously delivered a return of £35 for every £1 invested and generated £60.6 million in direct economic benefit between 2018 and 2024.
3. Back with resources the delivery of a National Events Strategy and a standalone Business Events Strategy.
- Ensure Treasury support for the comprehensive DCMS-led events strategy that positions events as a driver for investment, trade and local economic growth.
- Develop a dedicated Business Events Strategy aligned with the Government’s Industrial Strategy, supported by a sector-led National Business Events Council.
4. Embed events within the National Visitor Economy Strategy
- Recognise events as a crucial driver of the ambition to increase international visitor numbers to 50 million annually.
- Use events to spread visitor spending more evenly across the nations and regions of the UK.
5. UKEVENTS supports calls by tourism, hospitality and retail businesses for fiscal policies which lower the cost of doing business.
- Reform business rates for event venues.
- Reduce VAT on admissions for festivals, cultural and outdoor events.
- Moderate increases in employment costs.
- Introduce safeguards in the proposed Overnight Visitor Levy to ensure that, where implemented, it is used to create, promote and market future events in the region where the levy is collected.
- Review visa and ETA fees, freeze Air Passenger Duty and reinstate tax-free shopping for international visitors.
UKEVENTS believes the industry is well positioned for expansion, with forecasts already indicating growth of between 2% and 4% over the next two years.
With targeted government support, the organisation estimates that extending incentives for events and reinstating an enhanced Business Events Growth Programme could unlock billions of additional trade and consumer activity, while supporting thousands of new jobs across the UK.
Commenting on behalf of UKEVENTS, chair Glenn Bowdin said: “The UK events industry is powerful but often under-recognised. Events generate nearly £69 billion in direct spending, support more than 700,000 jobs and create the environment for trade, investment, innovation and international collaboration across every region.”
He added: “Our message to Government is clear: backing events is backing growth. With relatively modest and targeted investment, alongside practical fiscal measures, the sector can unlock billions of pounds of additional economic activity, support new jobs and help deliver the Government’s ambitions for regional growth, productivity and stronger communities.
“When a major conference, exhibition or festival comes to a destination, the benefits extend far beyond the venue itself. Hotels, restaurants, transport providers and local businesses all share in that success. We urge the Chancellor to seize this opportunity and recognise events at the heart of the UK’s growth strategy.”