The UK’s world-leading Creative & Cultural Sector, of which Theatre is a significant part, grew four times the rate of the UK economy before COVID-19. The Society of London Theatre | UK Theatre is concerned that the specific challenges faced by the sector were not addressed during the Chancellor’s statement, and the opportunity to commit to supply-side incentives, such as maintaining the higher rate of Theatre Tax Relief, was missed.
Independent economic modelling undertaken in 2021 revealed that, with the right fiscal incentives, by 2025, the UK’s Creative & Cultural Industries could contribute £132.1 billion in GVA – more than the financial services, insurance and pension industries combined.
Society of London Theatre | UK Theatre welcomes the Chancellor’s commitment to growth, supply-side incentives and reform. We agree that the UK economy has huge potential, and there are too many barriers to enterprise.
We hope that the government will recognise the strength of the theatre sector as an entrepreneurial and SME-led economic driver, locally, nationally and globally. We look forward to working with the Government to ensure that theatres and performing arts organisations are best positioned to contribute to their Growth Plan.
Co-CEO, Society of London Theatre | UK Theatre
Date Published: 23 September 2022