How the new government could effect events suppliers

Following July's General Election, the UK has a new government in place who are likely to set about gradually updating legislation for small businesses and the wider events industry.

While Labour haven't been too open about what their immediate focus is going to be, and it's safe to say they've inherited a large in-tray, we ultimately believe they will be a more beneficial government for the events industry than the previous one. Labour traditionally tend to put more focus into funding culture activities which should see long-term continued growth for events.

Here are some areas that you need to keep up with as an events supplier. It's important to note that this article is just an overview and we'd always recommend some independent research to make sure you're on top of any legislation that comes in.

Late payments legislation: Legislation against late payments will require large businesses to pay their suppliers promptly. This measure aims to unlock £20 billion in unpaid invoices, improving cash flow for small businesses. Companies will have to report their payment practices transparently, exposing those who delay payments.

This should provide benefits to you by making sure that large companies don't take weeks or event months to pay you for events and help to alleviate cash flow issues.

Investment in creative industries - including festivals and events: While the Conservatives described the events sector as ‘unviable’ in 2020, Labour is establishing a National Wealth fund of £1.5bn aimed at future industries including culture and events and as a party have traditionally been more inclined to fund culture. This should enable organisers to access funding for innovative projects and expansions and have a knock on effect for the suppliers.

Reduction of Business Rates: If you have any fixed premises there will likely be a fall in the Business Rates you'll pay. This will be the case for venues, and then for any caterers who have any storage facilities or work at semi-permanent sites such as markets. There may well be knock on costs from suppliers who are saving on business rates.

Minimum Wage increase and enhanced Workers' Rights: Labour have stated that they will raise the national Minimum wage, which could enhance your staff costs, while they have intimated they will enhance workers' rights - which may include stricter regulations on working hours, mandatory breaks and more comprehensive dismissal procedures.

Environmental Regulations: Labour governments will typically prioritise environmental sustainability and while we're confident all Togather suppliers have high green standards, some practices may become legislation. New regulations might require event organisers to enforce measures, such as reducing waste, using sustainable materials, and minimising carbon footprints.