The U.K. government has unveiled new plans aimed at maximizing the potential of the country’s creative industries and fostering economic growth.
The creative sector, identified as a priority by Prime Minister Rishi Sunak, has consistently outperformed the wider economy, growing at a rate 1.5 times faster over the past decade and contributing £108 billion in gross value added (GVA) annually. Employment in these industries has experienced fivefold growth compared to the rest of the economy since 2011.
Developed in collaboration with the Creative Industries Council, the Creative Industries Sector Vision, teased by culture secretary Lucy Frazer in May, aims to expand the sector by £50 billion ($63 billion) by 2030, generating one million additional jobs, and establishing a creative careers promise to nurture a pipeline of future talent.
The Sector Vision centers around key principles such as facilitating innovation and investment and building a skilled workforce. To support this vision, the government has allocated £77 million in fresh investment for the sector.
The government’s investment includes £50 million earmarked for growing clusters of creative businesses throughout the country. Additional funding will aid startups in scaling up and support creative entrepreneurs in becoming successful CEOs. In addition, financial support will be provided to assist emerging musicians in expanding their reach in international markets, bolster video game studios, and sustain grassroots music venues. The government will continue to offer competitive tax reliefs to incentivize film, TV and video game production in the U.K.
To propel the next generation of screen technology and on-set virtual production, the government will establish four state-of-the-art research and development facilities with an investment of £63 million. These advancements are expected to generate over 820 new jobs across the UK.
The government will also allocate a minimum of £50 million to the next phase of the Creative Industries Clusters program, supporting the development of six new clusters specializing in various creative subsectors. This initiative aims to foster innovation, secure investments, and provide access to global markets for entrepreneurs and businesses.
The budget for the Create Growth Program will be increased by £10.9 million, doubling its coverage to 12 regions and supporting 2,000 businesses in commercializing their ideas and accessing resources and private investment to facilitate growth.
The Music Exports Growth Scheme will receive an expansion to £3.2 million over the next two years, aiding emerging musicians in breaking into global markets. The Supporting Grassroots Music Venues Fund, which plays a vital role in the music sector and local communities, will be extended with an additional £5 million over two years.
The U.K. Games Fund will receive a boost of £5 million, bringing its total funding to £13.4 million over the next two years.
New funding of £2 million will go to London Fashion Week for 2023-25 and £1.7 million for the BFI to deliver the London Film Festival 2024.
Sunak said: “The creative industries are a true British success story, from global music stars like Adele and Ed Sheeran to world-class cultural institutions like the National Theatre. These industries have a special place in our national life and make a unique contribution to how we feel about ourselves as a country. We want to build on this incredible success to drive growth in our economy – one of my key priorities – and to ensure that U.K. creative industries continue to lead the world long into the future.
“Backed up with significant new funding, this ambitious plan will help grow the sector by an extra £50 billion while creating one million extra jobs by 2030,” Sunak added.
Frazer said: “This Sector Vision is about driving innovation, attracting investment and building on the clusters of creativity across the country. And from first days at school to last days of work, we will nurture the skills needed to build a larger creative workforce to harness the talent needed for continued success.”
