A number of Britain's leading arts performers - including Dame Helen Mirren and Jeremy Irons - have warned of the impact that cuts will have on regional and subsidised theatres.

In a letter to the Observer, a consortium of actors and actresses highlighted the £7bn contribution of the arts sector to the UK economy each year. Last year, Arts Council England said that it was facing a 29.6 per cent reduction in funding as a result of the Comprehensive Spending Review.

Culture secretary Jeremy Hunt has looked to mitigate the effects of the cuts by earmarking £80m in match funding as part of efforts to increase philanthropy. However, the cuts have been criticised by the UK's leading performers, who said: "If we are serious about rebuilding our economy, culture should not be an easy target for cuts.

"We must remember that many of our most internationally recognised artists and creative workers lauded at the Baftas, Oscars and Emmys started in regional theatres and small arts venues. "All those who have a role in taking decisions on cuts must think hard about the potential damage that could be caused to our economy and society."