Chancellor Kwasi Kwarteng introduced on Friday that he was abolishing the top fee of revenue tax and including restrictions to the welfare system.
Mr Kwarteng additionally said the Bank of England is taking additional steps to management inflation, and the Government considers the Bank’s independence to be “sacrosanct”.
The chief government of Live, which represents the UK’s live music sector, said companies which might be struggling already might “face bankruptcy and closure”.
Jon Collins said: “While we are pleased to see the Government taking steps to alleviate the cost-of-living crisis, today’s announcement delivers little for the UK’s world-leading live music industry.
“Jobs are already on a knife edge, and we agree with the Chancellor that there are too many barriers in sectors like ours where the UK leads the world.
“Combined with the impact of reduced public spending power and rising costs across the supply chain, businesses that are already struggling to turn a profit will face bankruptcy and closure.
“Only the emergency measures that we have suggested to Government will prevent this – injecting cash into the bottom line of struggling businesses through a reduction in VAT on ticket sales, as well as major reform of business rates.”