MP Bob Seely has welcomed a government-backed insurance scheme that will boost the Isle of Wight events industry.

The £750 million scheme will see the government act as a ‘reinsurer’ – stepping in with a guarantee to make sure insurers can offer the products events companies need.

The scheme will support live events across the UK that are open to the general public - such as music festivals and business events. It will cover costs incurred in the event of cancellation due to the event being legally unable to happen due to government Covid restrictions.

Chancellor Rishi Sunak said: “The events sector supports hundreds of thousands of jobs across the country, and I know organisers are raring to go now that restrictions have been lifted. But the lack of the right kind of insurance is proving a problem, so 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.”

Mr Seely who was a lobbyist for such a scheme said: “I welcome this scheme which will breathe new life back into the events industry and allow event organisers to plan with confidence.

“Isle of Wight festivals and events contribute well over £45 million pounds to the Island’s economy each year, so this scheme will give some stability to our economy.

“I know that insurance has been a barrier for many event organisers in recent months and it’s a shame the scheme didn’t come earlier in the year, but I know that those in the events industry here will very much welcome it.”

The scheme will be available from September 2021 and run until the end of September 2022.

Mr Seely added: “I will be suggesting to the government that it extends the scheme beyond September 2022 to give a longer period of certainty to event organisers.”

The scheme comes on top of extensive support already given to the cultural sector, including the £2 billion Culture Recovery Fund and the £500 million Film and TV Production Restart scheme.