The British government has announced a price cap on resale tickets in an attempt to curb the ticket touting industry.
It will apply to tickets resold across the live events industry, including sport, music, theatre, and comedy.
How much the cap will be will be decided after a public consultation launched by culture minister Lisa Nandy, with the BBC reporting that it will fall somewhere between the original price of a ticket and 30% above its face value.
Capping resale ticket prices was one of the ruling Labour party’s pre-election pledges, following the rise of extortionate resale prices faced by fans on the second hand market as ticket touts bulk buy tickets to resell them at inflated prices.
Also on the consultation’s agenda is “increasing the accountability of ticket resale websites and apps”, by creating regulations that make them responsible to Trading Standards and the Competition and Market Authority (CMA).
CMA investigations had found that tickets sold via resale markets were usually listed at 50% above face value. Particularly in demand shows in 2024, such as Taylor Swift’s Eras Tour and Oasis reunion gigs, saw tickets being listed over £1,000 after tickets sold out.
In a press statement, Fatboy Slim said: “Great to see money being put back into fans pockets instead of resellers. Fully behind this effort to make sure more people can enjoy incredible arts and music events across the country without being ripped off. It is part of the change this government were elected to make.”
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