Nine in ten live events could be scrapped this summer without urgent intervention by the Government, industry experts warn.
The Let Live Thrive campaign led by insurance investor John Kinder has urged Chancellor Rishi Sunak and Culture Secretary Oliver Dowden to underwrite cancellation insurance for festivals, stadium sports, theatre productions, and even weddings, among other events.
Under threat: A survey by the Association of Independent Festivals found 92.5 per cent of organisers said they could not stage events without insurance
The campaign proposes a scheme similar to the Pool Re cover set up after the terrorist attacks of the 1990s. Under the proposal, the Government would carry 75 per cent of the risk of cancellation due to new Covid restrictions, but this would fall as the health crisis receded.
Kinder, founder of investment firm Rivertrade, said firms needed Government intervention by the end of this month when they must commit upfront payments for events held from June 21 – the earliest date restrictions could be fully lifted.
A survey by the Association of Independent Festivals found 92.5 per cent of organisers said they could not stage events without insurance, despite events such as August’s Reading Festival being sold out already.
The Government is understood to be looking at the most suitable form of support.
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