The UK government has announced £380 million in targeted funding to support innovation, access to finance, R&D, skills and regional growth across the UK in its Creative Industries Sector Plan.
The £380 million package is part of the wider plan to deliver targeted investment to create thousands of new jobs and opportunities in sub-sectors like film and TV, music, performing and visual arts, video games and advertising, while generating economic growth in six regions outside London over the next three years.
There will also be a significant increase in support available from the British Business Bank (BBB), as part of its £4 billion Industrial Strategy Growth Capital, designed to help creative businesses grow and create jobs.
Included is a £150 million Creative Places Growth Fund for six regions outside London, empowering local Mayors to support creative businesses in their communities with access to finance, mentoring and networking opportunities to help them connect with investors and skills programmes.
Building on the Government’s commitment to ensure a robust copyright regime and support UK IP, the plan includes the establishment of a Creative Content Exchange. It will act as a trusted marketplace for selling, buying, licensing and enabling permitted access to digitised cultural and creative assets, opening new revenue streams for content owners.
Culture Secretary Lisa Nandy said: “Our creative industries are powerful economic drivers in this country. By placing them at the heart of our Industrial Strategy this Sector Plan, backed by £380 million of investment, will boost regional growth, stimulate private investment, and create thousands more high-quality jobs.”
There will be a £10 million investment in the National Film and Television School (NFTS) which will help to train 2,000 new trainees and apprentices over the next decade – backed by industry giants such as the Walt Disney Company, the Dana and Albert R. Broccoli Foundation, and Sky.
Cecile Frot-Coutaz, CEO, Sky Studios and Chief Content Officer, Sky, said: Sky is proud to support the National Film and Television School’s expansion plans and growth ambitions, as part of the Government’s Industrial Strategy. As one of the world’s leading institutions for film, television and games, the NFTS plays a vital role in developing the UK’s creative talent. Our investment underscores our commitment to skills development and sector growth, and we’re excited to see future generations benefit from the school’s outstanding work.
The investment will also go towards a new £9 million creative careers service, which will help raise awareness of opportunities and provide pathways into the sector for young people.
The Creative Industries Sector Plan maps out in detail how the Government will support the sector to grow even further over the next decade through a focus on boosting regional growth, innovation, access to finance, skills and exports.
It will also see the Department for Business and Trade ramp up the number of creative trade missions and markets it targets, such as in the Asia-Pacific. Funding will be increased for major creative trade shows such as SXSW and Cannes Lions.
