City of London arts project generates £40m for UK economy

A City of London arts project has generated £40m revenue for the UK economy, according to a new report.

The New Diorama Theatre (NDT) Broadgate initiative, which ran for 12 months from August 2021, provided free rehearsal spaces, writing rooms, co-working areas, recording booths, studios and workshops to the creative community.

A partnership between London's New Diorama Theatre and commercial property company British Land, the project repurposed 20,000 square feet of vacant office space for use by a range of independent and freelance artists. 

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Initially conceived as way to help the arts community bounce back post-pandemic, it was instigated by NDT and involved a number of associate theatre companies, as well as support from Jerwood Arts.

The economic evaluation report for British Land was carried out by BOP Consulting.

Simon Carter, chief executive of British Land, said the revenue raised demonstrated "the power of culture as a driver for economic and social growth".

He added: "We hope the evidence presented in this report encourages greater partnership across artists, cultural organisations, property companies, policymakers and local government."

David Byrne, artistic director at New Diorama Theatre, said the initiative had sparked a “creative revolution” in the way theatres and arts organisations work that will “go down in British theatre history."