Attractions industry news

03 Mar 2021

Budget 2021: government earmarks £700m for sports and culture as part of recovery plans

Chancellor Rishi Sunak has unveiled an additional £700m funding boost for sports and culture, as part of plans to help the UK economy recover from the effects of the pandemic.

Announcing his Budget today (3 March), setting out the government's tax and spending plans for the year ahead, Sunak said sport will receive £300m worth of extra funding, with the likes of cricket, tennis and horse racing among those to benefit.

There will also be £25m worth of new funding to support grassroots football – which the government says will be enough to build "around 700 new pitches" across the UK. Football fans are also likely to welcome a promise to officially back a joint UK and Ireland bid to host the 2030 FIFA World Cup.

For arts and culture, an extra £300m will be added to the government's £1.57bn Culture Recovery Fund.

Museums and cultural bodies in England will receive £90m to keep going until they can open their doors.

A further £18.8m has been earmarked for community cultural projects, while another £77m allocated for similar initiatives in the devolved nations.

Meanwhile, elsewhere within the leisure sector, the hospitality and tourism industries will continue to benefit from a reduced rate for VAT – at 5 per cent – for the next six months (up until 30 September).

After that, an interim rate of 12.5 per cent will come into force, running until April 2022, when the normal rate of VAT of 20 per cent will return.

Other measures introduced by the Chancellor, designed to support UK businesses, include:

• An extension to the Job Retention Scheme (or furlough) until the end of September 2021.

• Extension of the business rates holiday until the end of June 2020.

• Support for the self-employed (those who have sole trader status) will also be continued until September 2021.

• A new loan service will also be introduced, with businesses of any size being able to apply for loans between £25,000 and £10m until the end of 2020. The government will guarantee these by 80 per cent.

• Incentive payments for firms hiring apprentices will be doubled to £3,000. There will also be a £126m fund to help companies offer trainee shifts to apprentices.

Sunak said that, according to the latest figures from the Office for Budget Responsibility (OBR), the UK economy will return to pre-COVID levels by the middle of 2022 – six months sooner that initial estimates.

"The OBR forecast that our economy will grow this year by 4 per cent, then by 7.3 per cent in 2022, by 1.7 per cent in 2023, 1.6 per cent in 2024 and 1.7 per cent in 2025," he said.

<< Back

News powered by attractionsmanagement.com

MuseumNext launches digital income summit to help attractions tap into new revenue streams

A new event will offer museums and attractions actionable advice on how they can better use technology to boost their income. [more...]

Therme Group invests in experiential art company Superblue

Global wellbeing organisation Therme Group has become a strategic investor in experiental art company Superblue. [more...]

Plans approved for huge The Arc viewing platform in Bristol

Plans have been approved for a major new visitor attraction in Bristol, UK. [more...]

You can now enter the World Leisure Innovation Prize

World Leisure Organization (WLO) has opened the entry process for its International Innovation Prize. [more...]

Alton Towers to launch three 80s-themed Retro Squad rides when park opens

Alton Towers theme park in the UK will offer visitors the opportunity to indulge in some 80s nostalgia when it launches three "retro" rides this month. [more...]

World's top 100 museums and galleries suffer 77 per cent fall in visits during pandemic

The coronavirus pandemic has resulted in visits to the world's top 100 museums and galleries falling by three quarters. [more...]

In brief:

IMG to operate chimney lift experience at Battersea @GordonRamsay @BatterseaPwrStn #Battersea [more...]
Visits to leading UK attractions fell by 70 per cent in 2020 @alva_uk #VisitoAttractions #Museum #Gallery #Tourism [more...]
Warner Bros looking to utilise Japan's 'intense fandom' when Harry Potter tour opens in 2023 @wbtourlondon @sarahroots @warnerbros @wizardingworld @harrypotterfilm #HarryPotter [more...]
Creative teams confirmed for £120m 'Festival UK 2022' @FestivalUK2022 #FestivalUK2022 #Brexit #BrexitFestival #Culture [more...]
Christian Lachel takes the helm at BRC Imagination Arts @BRCArts @clachel [more...]
First images revealed of David Walliams' Gangsta Granny ride at Alton Towers @MerlinEntsNews @altontowers @davidwalliams #AltonTowers #GangstaGranny #ThemePark [more...]
@design_museum addresses lack of diversity in the design industry with new training course #diversity #design #architecture. [more...]
UK travel and tourism sectors 'decimated' by pandemic @ONS @PwC_UK #Tourism #Travel #VisitorAttractions #COVID19 #pandemic [more...]
'Much-needed' independent review launched into Destination Management Organisations @tourismsociety @TourismsVoice #Tourism #DCMS #DMO #DestinationManagement [more...]
More news from attractionsmanagement.com>>
<< Back