Stirling MP Alyn Smith has written to the Chancellor Rishi Sunak, calling for further support for media outlets, including radio stations and newspapers.
Newspapers and radio stations’ advertisement revenues are expected to fall by around 20% in coming months, which would cause severe difficulties in the sector.
Mr Smith is calling for a time-limited tax relief on advertising spend. In his letter to the Chancellor, Mr Smith sets out that this would help free up SME businesses to grow through marketing, as well as protecting professional jobs in media – supporting a free and diverse press.
Commenting, Alyn Smith MP said:
“A number of MPs from across the political spectrum are calling for this, and it’s the common sense thing to do. A time-limited relief on tax for advertising would result in more businesses being able to afford to advertise with local or national media outlets.
“In the Stirling area, we’ve a range of high quality media titles, from the Stirling Observer to Central FM, as well as popular national titles too. Diversity in our country’s media is a crucial part of our society and our democracy.
“Worryingly, a growing number of people admit to getting the news they consume from social media platforms, such as Facebook and Twitter. Frankly, they are not reputable news sources and are often riddled with disinformation.
“We need to support traditional media, but businesses are increasingly finding it difficult to add to the overheads they’ve already got. Cutting out the tax burden on the costs of advertising could help stimulate the economy, supporting jobs and growth.”