SOLT & UK Theatre have warmly welcomed the Government’s announcement that £1.5 billion will be invested in cultural organisations to fix urgent capital needs and help save them from closure, following considerable advocacy from the trade body and its members.
SOLT & UK Theatre research found that one in five theatre venues requires at least £5 million each over the next decade just to maintain operations. Without significant capital investment, nearly 40% of venues risk closure and 40% will become too unsafe.
The £1.5 billion of funding includes:
- £425 million for the Government’s Creative Foundations Fund supporting approximately 300 capital projects in arts venues across the country.
- £80 million capital funding over four years for National Portfolio organisations that receive regular investment from Arts Council England.
- £230 million to protect and preserve heritage buildings across the country.
The funding builds on the government’s Plan For Change by increasing opportunities for people to engage in and experience world class arts and culture.
SOLT & UK Theatre Co-CEOs Claire Walker and Hannah Essex said:
“This announcement sends a clear signal of the Government’s long-term commitment to strengthening the UK’s arts infrastructure and recognising the arts as a core economic and social asset. £425 million of capital investment for the arts over the course of this Parliament, including £80 million for Arts Council National Portfolio Organisations, marks a significant intervention in the buildings and assets that underpin the sector’s future.
“This investment reflects constructive engagement between Government and the sector, and a clear response to sustained advocacy and evidence from the Society of London Theatre and UK Theatre on the condition of theatre buildings and the role they play in local economies.
“Over the coming decade, targeted capital investment will modernise theatres, improve accessibility and energy efficiency, and ensure venues remain fit for purpose for artists, audiences, and local communities.
“Capital investment in the arts delivers strong economic returns. For every £1 spent on a theatre ticket, a further £1.40 is generated in the local economy, supporting jobs, local supply chains, and high streets. A sustained, long-term approach from DCMS and HM Treasury will enable the arts to continue driving growth, supporting skilled employment, and maintaining the UK’s global reputation for creativity.”
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