The UK government has announced a new £77m funding package to support the creative industries.
The package of support is designed to assist Prime Minister Rishi Sunak’s plan to grow the creative industries by £50bn and support a million more jobs by 2030.
The new investment will see the opening of advanced screen and performance technology research labs to be based in Yorkshire, Dundee, Belfast and Buckinghamshire. Additionally, the UK Games Fund will receive a £5 million uplift bringing its total funding to £13.4 million over the next two years.
There will also be £50m to support more regional creative clusters, plus extra cash for music venues, video games studios, London Fashion Week, and the next generation of British music talent. This will be backed by plans to build a pipeline of skills and talent through new creative careers promise.
In addition, the government launched a new whitepaper called the Creative Industries Sector Vision, which sets out shared ambitions to build on that success and maximise the growth of the creative industries by £50 billion by 2030.
Addressing attendees at the London Tech Week conference on Monday, Prime Minister Rishi Sunak said that Britain’s creative industries were “going like gangbusters” and represent a “unique strength” for the country.
Mr 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 UK creative industries continue to lead the world long into the future.”
Jeremy Hunt, Chancellor of the Exchequer, added, “Our Creative Industry isn’t just about the glitz and glam of the red carpet in Leicester Square. It brings in £108 billion a year to help fund our public services, supports over 2 million jobs, and is world renowned.”
Responding to the news, John Kirk, Group Deputy CEO, ITG said: “This additional funding for the creative industries is welcome news, further supporting R&D, skills training, and job creation in such a vital area of the economy. With so many companies now looking to tell their stories through creative content, dynamic videos and digital channels, the creative industries play a crucial role in providing these services, enabling businesses to rapidly enter new markets, reach new customers and drive sales.”
Meanwhile Joanna Reynolds, Managing Director of Bordeaux & Burgundy said: “This vital funding will help turbocharge the UK’s creative industries, supporting R&D, training, and development. Many of the country’s most ambitious companies rely on the creative industries for advertising, marketing services, content creation and harnessing the power of AI.
“Boost the creative industries and in turn you will empower a new generation of businesses to achieve record growth, something that will have a direct impact on the future of the economy and should be warmly welcomed in uncertain times,” she added.
Sjuul van der Leeuw, CEO of Deployteq added, “The creative industries play a vital role in driving economic growth and should continue to be a top priority for investment. With AI and digital communication now critical for fast-growing companies to win new customers, the creative industries can offer entrepreneurs everything they need from music and video production to automated marketing services, enabling them to go for growth.”