One of Shakespeare's most difficult plays is bought to life with passion, sensitivity and humour this week by Oxford theatre company BMH Productions. The Merchant of Venice tells how Christian merchant Antonio (Tom Bateman) becomes indebted to Jewish money lender Shylock on behalf of his friend Bassanio (Tim Goldman). If the debt is not repaid he will forfeit a pound of Antonio's flesh.

Antonio has long poured cruel scorn on Shylock for being a Jew. When Shylock's own daughter Jessica (Hannah Wilmshurst) renounces him and converts to Christianity his rage and bitterness turns against Antonio and he swears to take his pound of flesh.

The play is well known for the flagrant anti-Semitism of the main characters, reflecting a time when Jews in Venice had to wear red caps or else face the death penalty. The portrayal of Shylock is pivotal to whether the play is interpreted as wholly anti-Semitic. In some adaptations he is shown as a money-grabbing, cold-hearted miser almost worthy of the racism directed against him. But in BMH's production Shylock comes alive as a three-dimensional character. His anger at the discrimination and racism he encounters becomes understandable. Edward Blagrove gives an outstanding, animated and emotional performance of Shylock as he sinks to his lowest.

Finally, despite being stripped of everything he owns and holds dear, he is allowed to leave the set with some dignity. He and Antonio exchange nods before he exits, upright, wearing a suit.

The production is vibrant and energetic. Appropriately it is set in the 1980s - a time when the pursuit of money was put before all else. This allowed for plenty of 1980s tunes to be played, adding a fun and dynamic aspect to the play. The cast wore some classic power dressing shoulder-padded jackets, big belts, polka dots and big hair. The Prince of Morrocco (Daniel Halsall) had the audience laughing out loud in his guise as a brash banker, complete with braces and a massive mobile phone.I have seen several productions of The Merchant of Venice but have never fully engaged with it up until now. The BMH adaptation was highly enjoyable and entertaining.