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<p>We appreciate the important role that the events and music industries play in the
UK’s economy, and that the Covid-19 pandemic presents a significant challenge to these
sectors.</p><p>The Chancellor has announced the Winter Economy Plan to protect jobs
and support businesses over the coming months, once the existing Self-Employment Income
Support Scheme and Coronavirus Job Retention Scheme come to end. From November, the
Jobs Support Scheme will provide further support to returning workers, while the extended
Self-Employed Income Support Scheme will aid the self-employed who are currently actively
trading but are facing reduced demand.</p><p>We are also offering businesses who face
a drop in demand for their services and possible cash flow issues generous terms for
the repayment of deferred taxes and government-backed loans. We will give all businesses
that borrowed under the Bounce Back Loan Scheme the option to repay their loan over
a period of up to ten years. This will reduce their average monthly repayments on
the loan by almost half. We also intend to allow CBILS lenders to extend the term
of a loan up to ten years, providing additional flexibility for UK-based SMEs who
may otherwise be unable to repay their loans.</p><p>In addition, the Secretary of
State announced an unprecedented £1.57 billion support package for the cultural sector
which will benefit the live music sector by providing support to music venues and
many other cultural organisations to stay open and continue operating.</p><p>We continue
to engage with the sector to discuss the on-going challenges facing the industry.</p><p>
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