Data published by the Office for National Statistics has revealed that 16.2% of businesses in the coaching, language school and events support sectors are suffering a revenue decline of exceeding 50%, following a request from the Tourism Alliance.
However, the true scale of the impact on events businesses cannot be accurately reported as only those using the Standardised Industrial Classification (SIC) codes ‘Activities of conference organisers’, ‘Activities of exhibition organisers’, and ‘event catering’ have been included. Many businesses which service the events industry, such as agencies and venues, do not use event-related codes as they are insufficient to begin with. This led to many events businesses being unable to claim government support during the pandemic.
In December, the UK Government launched a £1.5bn Business Rates Fund to be distributed by Local Authorities to those businesses most impacted by Covid but not eligible for the Hospitality and Leisure Business Rates Relief. The data shows that 8.2% of all businesses in the UK are suffering from a revenue decline more than 50%.