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Budget 2021: government earmarks £700m for sports and culture as part of recovery plans
POSTED 03 Mar 2021 . BY Tom Walker
Measures unveiled by the Chancellor include £90m for museums and cultural bodies and an extra £300m for sports Credit: Shutterstock/Cubankite
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.
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Jobs   News   Products   Magazine
NEWS
Budget 2021: government earmarks £700m for sports and culture as part of recovery plans
POSTED 03 Mar 2021 . BY Tom Walker
Measures unveiled by the Chancellor include £90m for museums and cultural bodies and an extra £300m for sports Credit: Shutterstock/Cubankite
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.
Sign up here to get the Attractions Management weekly ezine and every issue of Attractions Management magazine free on digital.
RELATED STORIES
400 gyms and leisure centres already lost, further 2,400 at risk without financial support


Hundreds of gyms, swimming pools and leisure centres have been forced to close and thousands more are at risk unless they receive urgent, tailored, financial and regulatory support from the government.
Tanni Grey-Thompson: lockdown hitting women’s health and widening gender gap


The physical and mental health of women in the UK has been put under unprecedented pressure by the pandemic, according to Baroness Tanni Grey-Thompson.
Greater financial support and regulatory measures needed for physical activity sector


The physical activity sector is in need of bespoke and substantial financial support in order for it to survive the COVID-19 pandemic, according to industry body ukactive.
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Disney Imagineer Luc Mayrand to chair 2021 Thea Award committee
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Therme Group announces cultural collaboration to develop native forests at global wellbeing resorts
Therme Group’s Therme Art branch has unveiled a global partnership with SUGi, a platform passionate about community-driven rewilding.
Disney sprinkles its magic on new robot animatronic
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COMPANY PROFILES
IAAPA EMEA

IAAPA Expo Europe is owned and produced by IAAPA, The Global Association for the Attractions Industr [more...]
Sally Corporation

Our services include: Dark ride design & build; Redevelopment of existing attractions; High-quality [more...]
Alterface

Alterface’s Creative Division team is seasoned in concept and ride development, as well as storyte [more...]
Vekoma Rides Manufacturing B.V.

Vekoma Rides has a large variety of coasters and attractions. [more...]
+ More profiles  
FEATURED SUPPLIER

Triotech and Benoit Cornet’s Bold Move to collaborate on breakthrough innovative media-based attractions
Triotech has announced a breakthrough alliance with Benoit Cornet and Bold Move to bring a new collaborative approach to the design of media-based attractions – with an emphasis on adding value for operators. [more...]
VIDEO GALLERY

Proslide Tech Inc - ProSlide | Atlantis Dubai
More videos:
+ More videos  

CATALOGUE GALLERY
+ More catalogues  
DIRECTORY
+ More directory  
DIARY

 

07-09 Jun 2021

Renewable Plastics connect 2021

Virtual summit,
09 Jun 2021

IAAPA Expo Asia 2021

The Venetian Macao, Macao, China
+ More diary  
 


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Tel: +44 (0)1462 431385

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