Some film studios are set to benefit from 40% gross business rates relief until 2034.
The UK has become “Europe’s largest film and TV production centre”, Mr Hunt said, before announcing the rate of tax credit available to the
industry will rise by 5%. Furthermore, an 80% cap for visual effects costs will be removed.

Orchestras, museums, galleries and theatres will also benefit from a permanent 45% tax relief for touring productions and 40% relief for non-touring
productions. The UK’s creative industries will be backed by over £1 billion overall, the Treasury said.