The Society of London Theatre (SOLT) and UK Theatre have today urged the Government to use the upcoming Budget to back one of the UK’s most successful growth industries. Their Autumn Budget Representation sets out five targeted fiscal measures that would stabilise British theatre, unlock regional economic growth, and ensure that communities everywhere continue to have access to world-class live performance.
These measures would deliver substantial economic and social returns while protecting jobs and critical cultural infrastructure across the country.
Key proposals include:
- Increasing the rate of Theatre Tax Relief (TTR) for touring productions to 60%.
- Correcting the structural inequity in tax relief for touring opera and ballet.
- Raising the Retail, Hospitality and Leisure (RHL) business-rates relief threshold to £750,000.
- Establishing a Cultural Investment Fund through the British Business Bank.
- Introducing a UK Philanthropy Tax Credit to stimulate private and corporate giving.
Theatre contributes nearly £2 billion in GVA each year, supports over 200,000 jobs, and drives the local economy – £1.40 of additional spend for every £1 on a ticket.
Yet many venues face escalating costs and urgent capital needs: the Government’s own Creative Foundations Fund was nine times oversubscribed, and one in five theatres requires at least £5 million in investment over the next decade to remain operational.
The upcoming Budget is a crucial opportunity to boost one of the Government’s key growth sectors.
SOLT & UK Theatre Co-CEO Hannah Essex said:
“Theatre is a powerful driver of regional growth and one of Britain’s most successful creative exports. With five modest fiscal measures, Government can unlock new investment, sustain jobs, and ensure that every community continues to have access to world-class live performance.”
A summary of the submission is available here
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