FESTIVALS in Worcestershire can take advantage of a new government fund designed to save them from cancellation.

The £750million fund, announced by chancellor Rishi Sunak, is designed to provide insurance to event organisers who normally wouldn't be able to get it due to the pandemic.

Industry figures have been calling for such a scheme to help them recover from the pandemic and be able to plan events without the risk of a Covid-19 outbreak leaving them out of pocket.

Many organisers have found that insurers would not cover them for cancellations caused by coronavirus.

But the Government announced it has partnered with Lloyd’s to deliver the Live Events Reinsurance Scheme as part of the Treasury’s Plan for Jobs.

The Government will act as a ‘reinsurer’ and offer a guarantee to make sure insurers can offer products to cover organisers if state restrictions shut events down.

The news was welcomed by one Worcestershire event director.

Lee Martin is director of Lakefest, which is due to get underway later this month, said it was "about time" the industry was given this kind of support, calling the scheme "a game-changer".

Getting underway next weekend, Lakefest is one of the most popular events in the region.

Set in the vicinity of Eastnor Castle, the festival is set to welcome star names including Sir Tom Jones, Seasick Steve, Scouting for Girls and Razorlight.

Speaking in a publicity video for the festival, Mr Martin said: "I am so excited I cannot tell you - We are really excited because the weather looks superb.

"We have some great acts and have sold lots and lots of tickets already."

The scheme will cover the live events sector, which the Treasury said was worth more than £70 billion annually to the economy and supports more than 700,000 jobs, and is due to be available from next month alongside standard commercial events insurance.

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.

"We have some of the best events in the world here in the UK – from world-famous festivals to your local fair."

For more information about Lakefest, go to https://lakefest.co.uk/