Tories finally put our art scene where it belongs: centre stage

ALMOST exactly four years on from the start of the pandemic and the shut-downs of our theatres, the industry finally has something to celebrate. It may sound unglamorous, but the Chancellor’s decision to fix the rate of Theatre Tax Relief (TTR) on production costs at a generous level rather than letting it taper back to its pre-pandemic rate is just what the sector needs.

The chorus of approval from insiders is as roof-raising as anything heard in Oklahoma!. Andrew Lloydwebber – who said he’d risk prison if the Government refused to let playhouses reopen at full capacity amid the height of the Covid madness – hasn’t been mincing his words: “This is a once in a generation transformational change that will ensure Britain remains the global capital of creativity”.

That sentiment has been echoed by top producer Sonia Friedman, whose hits include Harry Potter and the Cursed Child, saying “A vital and game-changing contribution to the financing and production of UK theatre”. And there’s plenty more where that came from. Chatting to industry insiders, it’s plain that a lot of people are feeling cock-a-hoop.

The case, from a fiscal point of view, can make the lay-person feel a bit dazed and confused. TTR is a relief against corporation tax that can be claimed against qualifying costs when creating new shows. Fixing TTR at a rate of 45 per cent for touring productions and 40 per cent for non-touring shows doesn’t guarantee greater profits but it helps mitigate against catastrophic loss, the result being that it stimulates endeavour.

It’s not just the West End that benefits – any producing company, or even a drama school, can take advantage of the tax incentive. Regional theatre is boosted, too. You want to see more work of the calibre of Standing at the Sky’s Edge and Life of Pi (which both originated in Sheffield)? This is the way forward.

I’ve been damning at times of the Conservatives’ support – or lack of it – for the arts, and there’s more it could do to help this world-class contributor to the UK’S soft power. But credit where it’s due. It’s time the sneerers and jeerers stopped their catcalls from the gallery and concede that a Conservative Government can be a force for theatrical good.