SOLT & UK Theatre React to Autumn Budget Issues For The Arts
Society of London Theatre and UK Theatre made an appeal asking for additional funding for the arts as many venues are risking closure.
Chancellor Rachel Reeves has released her autumn Budget, which does not include the necessary funding for the arts sector to stave off venue closures. Society of London Theatre and UK Theatre made an appeal asking for additional funding for the arts as many venues are risking closure.
SOLT & UK Theatre Co-CEOs Claire Walker responded to the new budget, stating, “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.”
About SOLT and UK Theatre
Society of London Theatre (SOLT) represents approximately 230 London-based producers, theatre owners and managers, including all the major subsidised theatrical organisations in London.
UK Theatre represents approximately 240 theatres, concert halls, dance companies, producers and arts centres throughout the UK. UK Theatre also operates as a professional association, supporting over 1,400 individuals working professionally in theatre and the performing arts in the UK.
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