Arena warns of closure risk as Chancellor urged to stop business rate hike

MAJOR concert venues like Newcastle’s Utilita Arena could be forced to hike prices and even be at risk of closure under Labour's business rates reforms, industry chiefs have warned.

- DANIEL HOLLAND

Music fans queue to get into the Utilita Arena in Newcastle. Below, Chancellor Rachel Reeves

(Rachel Reeves)

Bosses from some of the country’s biggest venues are pleading for the Treasury to issue them an exemption from higher business rates set to be imposed on large properties with a rateable value over £500,000.

Entertainment sector leaders fear that the policy “fails to distinguish between the Amazon-style warehouses it is explicitly intended to target, and live music venues” and risks putting “major pressure” on arenas.

The Utilita Arena has joined forces with the likes of London’s 02 and Manchester's Coop Live to demand help, ahead of Chancellor Rachel Reeves’ Autumn Budget next month.