Hasan Bakhshi, Director of Creative and Digital Economy at Nesta, comments on hopes for a new museums and collections tax relief in next week's Budget:

"We hope the Chancellor will launch a consultation on museums and collections tax relief in next week's Budget, having said he was looking into its feasibility and pledged his support for the UK's creative economy in the Autumn Statement.

"The UK has a world-leading range of cultural tax reliefs for sectors including film, animation, video games, theatre and classical music. As well as the obvious cultural value of museums and collections, the research and conservation activities of institutions like the Natural History Museum are a key driver of innovation, while Government statistics suggest that museums alone account for more than 100,000 jobs. At the same time, like other parts of the cultural sector, museums and collections may need a financial incentive to support more risky exhibitions and other activities that could include sharing their work with audiences across the country.

"In designing the tax relief, thought must be given as to how the tax relief can be targeted to incentivise the riskiest expenditures which support innovation and therefore the long term growth of the sector. One such area is when museums use digital technologies in innovative ways to maximise the public's access to their collections - something that Nesta has helped to facilitate through the Digital R&D Fund for the Arts. Expenditures such as these, alongside more traditional exhibition activity, should qualify."

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About Nesta: Nesta is the UK's innovation foundation. We help people and organisations bring great ideas to life. We do this by providing investments and grants and mobilising research, networks and skills. We are an independent charity and our work is enabled by an endowment from the National Lottery. Nesta is a registered charity in England and Wales 1144091 and Scotland SC042833

www.nesta.org.uk / @nesta_uk

For more information contact Laura Scarrott in Nesta’s press office on 0207 438 2697/ [email protected]