Music Venue Trust hails 'unprecedented intervention' as Government unveils £1.57bn rescue package

The body representing hundreds of grassroots music venues in the UK has welcomed an “unprecedented intervention” after the Government unveiled a £1.57bn rescue package for the country’s arts scene.

The Music Venue Trust (MVT), which had been rallying Downing Street to provide financial support for small music venues since April, said the cash injection “gives us the time we need to create a plan to safely reopen live music”.

Mark Davyd, founder and CEO of the MVT said: “Music Venue Trust warmly welcomes this unprecedented intervention into Britain's world class live music scene.

“We'd like to thank the Secretary of State and the team at DCMS for the opportunity to work closely together throughout this crisis to develop genuine solutions to the challenges faced by grassroots music venues.

“This fund provides the opportunity to stabilise and protect our vibrant and vital network of venues and gives us the time we need to create a plan to safely reopen live music.”

Before the announcement, the MVT had claimed as many as 550 grassroots venues were at risk of permanent closure during the pandemic without government support. Many venues were crowdfunding online in order to survive.

Last month, the MVT issued an open letter calling on the Government to provide financial aid. It was followed last week by another open letter, sent last week, this time signed by more than 1,500 figures such as Ed Sheeran and Sir Paul McCartney, demanding urgent action to save the industry.

These calls have now been answered, with the Government following up on the rescue package first promised by Culture Secretary Oliver Dowden in an interview with the Standard.

Museums, galleries, and theatres will also be in line for emergency grants and loans, as will independent cinemas and heritage sites.

The Government said: “Repayable finance (for the loans) will be issued on generous terms tailored for cultural institutions to ensure they are affordable.”