Responding to the Autumn Budget 2024, SOLT & UK Theatre Co-CEO Claire Walker said,
“We recognise that the Chancellor and the new Government have had to made difficult choices in their first Budget and had to balance a range of competing and urgent demands. However, with 40% of venues risking closure over the next five years without significant capital investment, there is a critical need in our sector which must be addressed. The Chancellor’s decision to change the fiscal rules to unlock capital investment provides an opportunity for developing a long-term sustainable model for investment in theatre buildings. We look forward to working with both our members and the Government to develop investment models as part of their upcoming Comprehensive Spending Review.
“As recognised in the Government’s Industrial Strategy, theatre and the creative industries, are a key part of the Government’s plans for growth. With investment, our industry can generate inclusive growth by creating jobs, skills development, community venues and increasing access to culture, supporting the missions of this Government.
“The theatre sector is dealing with significant financial pressures with production costs continuing to rise faster than inflation, energy costs up 120% since 2019 and wage pressures. Rises in business costs, including National Insurance and National Living Wage increases, will be challenging for our sector. Productions and venues set budgets sometimes years in advance and raise investment or apply for funds to support these projected costs. Unplanned additional costs will put further pressure on our sector. We are analysing the detail of the Government’s proposals to fully assess the impact for our members.”
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