Tax Reliefs: Theatre, Orchestra and Museums and Galleries Exhibition

Debate between Lord Livermore and Lord Razzall

Tuesday 15th October 2024 Lords Chamber

[Lord Livermore (Lab)]

Clearly, the Government recognise the importance of the arts to our public life and support the funding of the arts at the appropriate level. Unfortunately, I will have to say that the Government will set out their plans for supporting the arts in the coming spending review.

[Lord Razzall (LD)]

My Lords, I am absolutely delighted to join in a Question from the noble Lord, Lord Parkinson, because it gives me the opportunity to thank him from our Benches for the collegiate way in which he conducted himself as a DCMS Minister.

Bearing in mind the Minister’s commitment earlier, will he give any indication as to whether at yesterday’s investment conference there were any more commitments to put money into the film industry, or indeed the arts, apart from M&G’s investment in a new film project? Does he recognise that there remains an issue around the visual effects tax relief, which was announced in 2023 but for which implementation was stalled by the election? What is the status of this important tax relief? It is obviously vital to ensure that as much post-production work as possible stays in the United Kingdom.

[Lord Livermore (Lab)]

I am grateful to the noble Lord for mentioning the investment summit yesterday, when the Government were able to announce a total of £64 billion of investment into the UK economy. That was a vote of confidence in this Government’s handling of the economy and the fact that our economy is now open for business. On the specific tax relief that the noble Lord mentioned, I am afraid that I cannot comment on speculation about any specific taxes ahead of the Budget.