Put music and culture at the heart of our cities

COMMENT: For me, nothing beats the thrill of going to a live gig. Where else can you experience the nostalgia trip of seeing heroes from your school days blast out the old hits or the adrenaline rush of catching the next Arctic Monkeys before they hit the big time? And I’m not the only one dancing away in the aisles or the mosh pit. The live music economy is worth about £1bn to the UK economy, according to UK Music. But juxtaposed against this boom, Britain’s live music venues are dying out thanks to music and culture not being high priorities when planning decisions are made at committee. This is eroding the cultural fabric and heritage of our towns and cities. But now is not the time to look back in anger. Now is the time to make some noise and look to revitalise places and spaces for culture and music in our cities. The property industry can play a crucial role here by joining forces across the public-private sector divide. Our This Must Be The Place report, launched with music consultancy Sound Diplomacy, offered a conclusive set of recommendations and investment ideas to public and private bodies to ensure that cultural development is prioritised as highly as residential, commercial and infrastructural development. We are clearly committing to these principles, and while L&G has £22bn invested in homes and urban regeneration, we firmly believe we need to be investing into less tangible aspects such as music and culture. Britain’s live music venues are dying out thanks to music and culture not being high priorities when planning decisions are made at committee Collaboration with public bodies will also be vital if we want to make our future cities thrive. Councils have the tools and local knowledge to streamline the planning process and to understand what their cities and towns need to be resilient over the long term. The private sector can provide funding and development expertise to ensure these schemes come to fruition. For example, L&G worked closely with Bracknell Forest Council and our joint venture partner Schroders on The Lexicon scheme in Berkshire. We committed £200m to the council’s plan for a retail and leisure space based on the cultural programme and map we had developed with Sound Diplomacy. The Lexicon is now a thriving cultural destination that hosted its own proms festival this summer to celebrate local musical talent. And that’s just the start. Through public-private sector collaboration we could look to use future tax levies to fund development. By understanding the economic value that cultural developments can have on a community, local authorities could approve a tax on all cultural events. Monies raised would then support a future funding model to ensure our cities have consistent forward planning for music and arts venues. Our report offers many recommendations to both public and private bodies. But only if all sides work together can we truly tackle the decline of music and culture across the UK. Otherwise we risk the cultural fabric of our towns and cities being eroded even more than they already have been in the past 10 years. A third of live music venues have shut across the UK in the past decade, according to charity group Music Venues Trust. That not only includes smaller pub-based venues where local bands try to get their big break, but also established gig venues such as The Borderline in Soho, W1. Sadly, this legendary institution, where REM, Oasis and Amy Winehouse all played, closed its doors for good in September. Whether you’re a diehard fan of AC/DC, Ed Sheeran, or you secretly enjoy the dad rock of Top Gear driving compilation CDs, music and culture are part of what makes our towns and cities great places to live. Let’s make sure we are planning, developing and building the places and spaces that ensure bands and artists can thrive for the long term. Eleanor Jukes is senior investment manager at Legal & General Capital