UK Offers $750 Million Worth of Support for Live Events

In August, the British government announced via Live Events Reinsurance Scheme that they will provide financial support due to disruptions caused by the epidemic.

The promised idea and the agreement will start as of the current month and expected to continue for 1 year for live events and organizations. In brief, the aid will cover all events affected, cancelled or restricted by covid-19. This support has got many much compliment by many around the world. Because this is the first time we have seen such a large-scale backing since the corona period began.

The Night Time Industries Association (NTIA) officially announced the situation to the press for the first time:

“I am extremely pleased the Government has decided to introduce an insurance scheme for the events and festival sector, it stands testament to a Government that is starting to acknowledge the varying issues within the sector and through engagement, take the appropriate action to protect businesses and jobs. 

More than 700,000 people work within this sector, it will give some comfort and certainty to supply chain and freelancers that heavily rely on this industry for their main source of income and we would hope with this news, many will feel confident returning to work within the sector.”

said the CEO, Michael Kill.

Although some stated that this step was taken too late and should have already happened by now, most event and organization companies who are aware of the situation and about to fail, responded to the development with great excitement and gratitude. With the aid and support, it is aimed to revive the entertainment, nightlife, club and event sectors and to make people feel good on the way to normalization process.

For further information, you can get the official details announced by Clifford Chance, here.