The austerity cuts are very deep indeed. The BBC alone will experience a 25% cut in its world services effecting much of it's foreign language divisions. Who knows what it will mean to live theatre? I hope everyone remembers that the Arts - visual and performing - actually boost the economy.
I'm sure I read somewhere that the income generated by the arts (tax paid by performers and crew, revenue generated from tourism etc) is larger than the government arts subsidy!