Live events to be protected by £750m government insurance scheme in boost for Portsmouth's Victorious Festival

The news will come as a welcome announcement for the organisers of Portsmouth’s Victorious Festival, with work to build the main stage for this month’s star-studded spectacle having already begun.

The huge cash injection by the government comes following lobbying from culture chiefs and promoters, who have repeatedly called on ministers for such an insurance scheme to have been set up.

Stephen Morgan, Portsmouth South MP, has been among those campaigning and feared the new multi-million pound rescue package did not go far enough to protect shows.

‘Events organisers have said that whilst this announcement is a step in the right direction, the details of the scheme still leave many businesses open to financial damage,’ the Labour MP added.

‘The government cannot do the bare minimum on this. Otherwise promoters would still be taking huge risks by staging events.

‘I will continue to push ministers to fund a full and comprehensive solution that addresses the problems the sector faces and protects jobs.’

Culture minister and Gospot MP Caroline Dinenage, who had been in negotiations with the Treasury over the scheme, said: ‘The past 16 months had been tough for live event organisers and the companies who support these events and our Live Events Reinsurance Scheme shows our strong commitment to supporting our events sector to plan with confidence.

‘Alongside the £2bn Cultural Recovery Fund and our Film & TV Restart Scheme this represents a globally significant support package for sectors within culture, media and sport.’

More than half of all music festivals have been cancelled this summer.

And several events, including Hampshire’s Boomtown show, have cited an inability to obtain cancellation insurance as a factor in their decision to scrap their festivals.

The new scheme will see insurance companies provide cover for live events, with the government agreeing to act as a reinsurer – guaranteeing that any pay-outs will be funded.

Culture secretary, Oliver Dowden said: ‘We’ve been here for live events throughout the pandemic with billions of pounds of rescue funding. Today is an important next step as we develop live events insurance to give them the confidence they need to plan for a brighter future.

‘Our events industries are not just vital for the economy and jobs; they put Britain on the map and, thanks to this extra support, will get people back to the experiences that make life worth living.’

Chancellor Rishi Sunak added the lack of ‘the right kind’ of insurance had proved ‘a problem’ for the UK's live events industry and said: ‘As the economy reopens I want to do everything I can to help events providers and small businesses plan with confidence right through to next year.’

‘Events organisers have said that whilst this announcement is a step in the right direction, the details of the scheme still leave many businesses open to financial damage.

‘The government cannot do the bare minimum on this. Otherwise promoters would still be taking huge risks by staging events. I will continue to push ministers to fund a full and comprehensive solution that addresses the problems the sector faces and protects jobs.’