Ticket resale prices to be capped following Oasis tout controversy

The issue was brought under the spotlight last year when Oasis tickets went on sale

The proposed cap would apply to tickets to live events such as sport, music, comedy and theatre, and aims to "give power back to fans."

Labour had promised before the general election last year that they would introduce a price cap on resale tickets and regulate resale platforms.

The plans come after controversy surrounding resale tickets over the summer when the likes of Oasis and Coldplay announced huge tours.

A public consultation into the plans will now be launched to decide how much the cap should be. The BBC reports that it could be anywhere from the ticket's face value or up to 30 per cent on top of the original price.

There was anger from many when tickets were snapped up by touts who then resold them at highly-inflated prices.

At the same time, Ticketmaster were criticised for using dynamic pricing when Oasis tickets went on sale. Dynamic pricing is where the price of tickets rises in line with demand. This saw some fans charged more than £350 by Ticketmaster for Oasis tickets that initially went on sale for £150.

The government has said the consultation will look at pricing practices in the live events sector, including dynamic pricing, to "ensure ticketing works for fans."

According to Competition and Market Authority (CMA), tickets sold on the resale market are usually marked up by more than 50 per cent. But there is no limit on how much people can charge on the resale market, with some tickets being sold for up to six times their original cost.

Research from Virgin Media O2 found that ticket touts cost music fans an extra £145 million per year.

Culture Secretary Lisa Nandy said: "The chance to see your favourite musicians or sports team live is something all of us enjoy and everyone deserves a fair shot at getting tickets - but for too long fans have had to endure the misery of touts hoovering up tickets for resale at vastly inflated prices.

"As part of our Plan for Change, we are taking action to strengthen consumer protections, stop fans getting ripped off and ensure money spent on tickets goes back into our incredible live events sector, instead of into the pockets of greedy touts."

Business Secretary Jonathan Reynolds said: "From sports tournaments to Taylor Swift - all too often big events have been dogged by consumers being taken advantage of by ticket touts.

"These unfair practices look to fleece people of their hard-earned income, which isn’t fair on fans, venues and artists.

"Fans enjoying themselves in the moment are what make concerts and live events the thrilling experiences that they are, which is why as part of our Plan for Change, we are putting them back in control."