The Amazing U-Turn of the Uk Government and the Uk Music Report for 2022
They do say that a week is a long time in Politics. I think that this saying is spot on here from what we have just witnessed.
Kwasi Kwarteng’s, mini-budget as the Chancellor of the Exchequer, on the 23rd of September 2022.
We saw an amazing U-turn on tax cuts for the rich that he had originally announced and planned to implement that would see a Tax Cut rate for the richest 1% of the Uk population.
He was going to drop the rate from 45% to 40%.
This plan was to give millionaires a huge tax cut amid the cost-of-living crisis – particularly when coupled with a plan to bin a cap on bankers’ bonuses – that has fuelled much of the outrage.
Such was the foray with regards to this being announced to the Houses of Parliament, and to the whole country as a whole.
We saw the Financial Markets reacting in a negative way. The pound sterling nosed dived quite spectacularly.
It also led to “Pensions” being put at risk, and Mortgage rates spiked quite spectacularly putting the homes of the general public at risk.
From mini-budget to market turmoil: Kwasi Kwarteng's week
It seemed as if UK Prime Minister – Liz Truss, and her Chancellor - Kwasi Kwarteng, have now changed their minds from a troublesome week that they have had to go through.
Kwasi Kwarteng suggests Liz Truss took the decision to U-turn on the 45p rate
There was descent in regards to the 45 pence Tax rate being removed by members of her own party.
Senior Conservatives such as Michael Gove and (*former Chip whip) Julian Smith were among those who publicly voiced their opposition that the £2 billion-a-year plan would not get through Parliament.
It also has been learned that one of the major Newspapers within the Uk that supports and champions the Uk Government.
That is the Sun newspaper – suggested that a “climb down” was being planned after crisis talks between Kwasi Kwarteng and Liz Truss.
Please click on this link in regards to the Sun Newspaper reporting on it.
Another supporter of the Uk Government, Damian Green, a former deputy prime minister, warned that the Tories will lose the next election if ‘we end up painting ourselves as the party of the rich.
Former minister Marie Caulfield said: ‘I can’t support the 45p tax removal when nurses are struggling to pay their bills.’
However, as this is a Music website. The question that I am going to ask is this.
Will the Uk Music Industry get the help it needs to “Stand on its own Two Feet”?
Then after that left alone to try and make a helpful recovery?
The organization known as Uk Music urges the Uk Government to protect the Uk Music industry in 2022 as well.
Jamie Njoku-Goodwin, chief executive of UK Music, was warning that the sector still faces an “Economic Storm” as a report reveals a fragile recovery –
The Uk Music industry published its – UK Music report last week on the 23rd of September 2022.
It revealed that the sector is only just beginning to recover from the worldwide pandemic.
Here is the report: (Please see below)
Jamie Njoku-Goodwin, chief executive of UK Music
Jamie Njoku-Goodwin, chief executive of UK Music, stated that “ the report showed the need to reduce the Tax Burden on the Music Industry.
Also helps with incentivizing investments into the sector, and also helps with boasting music exports
The findings within the – This is Music report 2022 – were based on “data” that they had obtained from right across the UK Music Industry in 2021.
The report showed that the Uk music contribution to the Uk economy in 2021 reached 4 billion pounds.
This was up 26% on the 3.1 billion figure for the year 2020.
But it still must air that, that figure is down 31% on the pre-Covid all-time high of 5.8 billion pounds for 2019.
The report also showed us that employment within the music industry rose to 145,000 jobs in 2021.
This is a 14% increase in 128,000 jobs within the Uk music industry for the year that was 2020.
But again it was down against figures revealed for 2019. These figures are that they were down 26%, on the Pre Covid record of 197,000 jobs in 2019.
For exports within the sector, we saw this figure rise in 2021 to 2.5 billion (Up 10%) on the 2.3 billion figure in 2020.
But it was down against the 2019 pre-Co-Vid Figure that was 2.9 billion pounds, In percentage terms it works out to be down 15%.
The report highlighted some British success stories, which put a smile on everyone’s faces.
In 2021, the biggest-selling album in the world was Adel’s – “30”.
Ed Sheeran came in at 4th position via the data collected and where he was eventually ranked.
The Uk Music’s report provides us with even more "data" if you get the chance to read it.
The Health of the Uk Music Industry is also measured. This is achieved by gathering "data" about the sector’s contribution of goods and services to the Uk Economy.
This is represented is measured and known as Gross Value Added (GVA),
The data from the year that is 2021 shows that the sector was recovering from the impact of the Pandemic, as the Uk Music Industry adapted.
The Uk Music chief executive Jamie Njoku-Goodwin stated that “the Uk Music Industry is working hard to recover after the impact of Covid-19”. But there was still some way to go to restore jobs and growth lost during the Pandemic.
Our sector still faces a serious threat from the Economic storm that could blow our Fragile recovery off course without urgent Government support.”
He called for urgent Government. He also went on to state, “Its vital that the Government acts to protect and support a sector that creates jobs, contributes to the economy, and matters to millions of people across our country”.
The New Prime Minister has said that she wants to cut taxes to stimulate growth.
If she is serious about this, then she should use the Emergency budget to reduce the tax burden on the Music industry, for instance, by extending the hugely successful creative industry Tax Reliefs to the Music Industry.
This would incentivize investment and boost exports of British music, which are at risk due to the International competition and issues following the Uk exit from the European Union
‘We welcome the Government's announcement to combat the impact of soaring energy bills, which will give music businesses some urgently needed support.
However, we need clarity about what happens after that support is withdrawn after six months. And we still need to see more assistance to secure our sector’s long-term recovery, including a significant cut in VAT from its current rate of 20% - something the Government did in the pandemic to support the music sector.’
The full report can be found on the PRS FOR MUSIC WEBSITE.
Here is the website link - https://www.prsformusic.com/m-magazine/news/uk-music-urges-government-to-protect-music-industry-in-2022-this-is-music-report/
Andrea Czapary Martin, chief executive, of PRS for Music
Says, ‘We support UK Music and its recommendations and call on the UK government to invest in the five-step plan.
This includes setting a gold standard in intellectual property protection and reducing red tape for EU touring, to ensure the UK retains its position as a leader across all sectors of the music market.’
Nigel Elderton, chair, of PRS for Music
Says, ‘The UK is the second-largest exporter of music in the world however the global market for music is becoming far more competitive than ever before.
Although this recent report highlights publishing-related income in 2021 as showing strong growth with substantial increases in streaming revenues, we must continue to work together to grow, nurture, protect and support songwriters, composers, and rights owners
The full report can be found on the PRS FOR MUSIC WEBSITE.
Here is the website link - https://www.prsformusic.com/m-magazine/news/uk-music-urges-government-to-protect-music-industry-in-2022-this-is-music-report/
Here are my thoughts on the above are below.
Jamie, Andrea, and Nigel all make valid points about the Uk music industry.
From being the 2nd largest export of music in the world.
Also to note is that one in ten tracks that are streamed globally hail from the Uk, with over 300 British artists receiving 100 million streams or more.
The global popularity of classic acts like The Beatles, Queen, Pink Floyd, and The Rolling Stones has also helped sustain the British music industry through streaming services added to the glamour.
The Money and the Jobs that this industry is creating make it an industry that you can't ignore.
However, will the Uk government listen to the proposals made by Jamie, Andrea, and Nigel?
The Uk Government will also have to listen for help for the Police Services, the Nhs, Fire Services, Barristers, etc.
Will the present UK government propel the Uk Music Industry over them?
Now that is the question.
But what do you think?
Please give us your thoughts on this.
We would love to find out your thoughts on this whole article.
We would love to hear them. Just voice your opinions via email and get back to me. THE 3RD ARTICLE OF ALL THIS
PLEASE HAVE A READ OF THIS ARTICLE AS WELL (CLICK ON THE LINK BELOW)
A, Could the Uk Cost of living Crisis break the Uk Music Industry?- THE FIRST ARTICLE OF ALL THIS
B. The Amazing Uk Turn and the Uk Music Report for 2022 and 2023 - Part 2 - THE 3RD ARTICLE OF ALL THIS
*Please note that I have used portions from the Prs for a music website, and its persons that at the moment are/or were working for the Prs for music organization and its views from the Prs for a music website.
*This was only done for Educational and News awareness purposes only. Not at any time was this article written to achieve financial gain from when this article was written, to the present time, or in the foreseeable future.
*It was only created for Educational and News awareness purposes only. If a take-down notice is required please get in touch with us. So that we can do this*
Well, that's all folks for me now anyway.
Please
Dj Mistri and the Electric Soul Show © www.electricsoulshow.com
