Resale of Concert Tickets

8. What assessment she has made of the potential merits of introducing a cap on the resale of concert tickets.

For too long, fans have been exploited by touts seeking to profiteer from the UK’s booming live events industry. Last week, we announced that time is up for ticket touts and that change is coming, by introducing a cap on the price that tickets can be resold for. We estimate that this will save fans over £100 million a year.

This summer, thousands of music fans in Scotland were dismayed at having to pay hugely inflated prices to see their favourite bands, including Oasis, so my right hon. Friend’s announcement on capping the resale price of tickets will be welcome news for all those fans. Will she consider what further measures can be taken to ensure a fair deal on ticket prices for concert-goers across the UK?

I can update my hon. Friend. Among the measures that we announced recently, we have introduced resale volume limits, which will prevent people from reselling more tickets than they were entitled to buy in the primary sale. Alongside the price cap, the Competition and Markets Authority will be able to fine non-compliant platforms up to 10% of their annual turnover, which could mean multimillion-pound fines for rogue firms if they target UK consumers.

In the case of Oasis, as many in this House will know, one of the great challenges was that many of the fans going into that queue did not know that the surge pricing model was being used, so they did not realise that they would paying vastly inflated prices by the time they got to the front of the queue. The CMA has looked at this and is taking steps to ensure that consumers have the full range of information that they need to prevent that from happening in future.

I am aware of tickets for the Belsonic event at the Boucher Road playing fields in Belfast previously appearing on secondary sites at more than four times their original price within minutes of going on sale, so I welcome the news from the Secretary of State. What progress has been made on perhaps introducing a 5% to 10% cap on the resale of concert tickets?

In terms of the resale of concert tickets, we have taken a decision after a long period of consultation to cap the resale at the original price. The hon. Gentleman mentions some examples, and there are others; just recently, I looked at some Radiohead tickets that were on sale originally for £100 and were being resold on one of these platforms for more than £1,000. That is an absolute rip-off for fans and has gone on in plain sight for far too long, which is why we have announced that tickets will be resold for the original price. Time is up for the ticket touts.

What did you pay for your Oasis tickets, Jim?