Jeremy Hunt announces 45 and 50 percent levels of tax relief for museums, galleries, theatres and orchestras that were due to end in March 2025 will be made permanent. The chancellor says this is "in recognition of their vital importance to our national life". Report by Brooksl. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
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00:00 I now turn to our creative industries. We have become Europe's largest film and TV production centre,
00:08 with Idris Elba, Keira Knightley and Orlando Bloom all filming their latest productions here.
00:13 Studio space in the UK has doubled in the last three years and at the current rate of expansion
00:19 next year we will be second only to Hollywood globally. And today I particularly want to
00:25 recognise the contribution of our creative industries and the tourism that comes from
00:32 orchestras, museums, galleries and theatres. In the pandemic we introduced higher 45% and 50%
00:42 levels of tax relief which were due to end in March 25. They have been a lifeline for performing
00:49 arts across the country. Today, in recognition of their vital importance to our national life,
00:57 I can announce I am making those tax reliefs permanent at 45% for touring and orchestral
01:03 productions and 40% for non-touring productions. Lord Lloyd Webber says this will be a once-in-a-generation
01:11 transformational change that will ensure Britain remains the global capital of creativity.
01:18 (audience laughing)