Jeremy Hunt presented his first budget yesterday as Chancellor of the Exchequer, with announcements affecting the museums, galleries and heritage sector, including extended tax relief for museums and galleries, a brief mention of addressing public sector pay, and financial support for charities.
Extended tax relief for museums and galleries
Amongst the announcements there was the confirmation that there will be an extension until 2025 of tax relief for theatres, museums and galleries, which will stay at rates of 45%-50%.
Levelling Up Fund
There was also the announcement of a third round of the Levelling Up Fund. It was also said that the new ?400m Levelling Up Partnerships would go toward “areas that include Redcar and Cleveland, Blackburn, Oldham, Rochdale, Mansfield, South Tyneside, and Bassetlaw.”
New Investment Zones
Plans for twelve new ‘investment zones’ across the UK were also announced, with potential for these zones in the West Midlands, Greater Manchester, the Northeast, South Yorkshire, West Yorkshire, East Midlands, Teesside and Liverpool, and one in Scotland, Wales and Northern Ireland.
Full details on how the budget will affect the museum sector can be found here – https://www.gov.uk/government/topical-events/spring-budget-2023