15 March – We unequivocally welcome today’s Budget announcement by Chancellor of the Exchequer Jeremy Hunt MP and Secretary of State for Culture, Media and Sport Lucy Frazer MP, to maintain the higher rate of Theatre Tax Relief for the creative industries.
This decision recognises the significance and cultural impact of the theatre industry in our society, and the importance of the sector’s valuable contributions to the wider economy.
These higher rates of Theatre Tax Relief will act as a stimulus for future investment, job growth, and economic prosperity, both locally and nationally. It will also provide a major boost to touring productions with increased producer confidence, and greater choice overall for audiences.
The news will be a welcome relief for the Arts, tourism and hospitality sectors which have all suffered immeasurable blows in recent years as a result of the pandemic, the cost-of-living crisis and soaring energy prices.
But most of all, it’s a huge win for the millions of people across the UK who access and enjoy cultural activities every week in their towns and cities.