Government and CIC will implement £150m sector deal
Industry leaders have vowed to work with the Government to realise the full benefits of a pioneering agreement to accelerate growth in the UK creative industries.
The measures announced by Ministers, after negotiations with the Creative Industries Council (CIC), aim to build on the success of the UK’s world-leading creative organisations. They target investment to improve the funding, skills and exporting abilities of creative sectors across Britain.
The package was unveiled by Digital and Culture Secretary Matt Hancock, Business Secretary Greg Clark, and CIC Co-Chair Nicola Mendelsohn.
Nicola Mendelsohn CBE, who is VP EMEA at Facebook, said: “This breakthrough deal represents a huge vote of confidence in the ability of our creative industries to continue to deliver the world class economic performance and workforce that the UK needs.”
She said the CIC’s partnership of industry and Government ensured creative sectors were a priority for a deal, and pledged to continue collaboration to maximize the agreement’s benefits.
John McVay, Chief Executive of Pact, the trade association for UK independent producers, who was the CIC industry lead on the sector deal, said: “The measures announced today will help UK creative organisations to continue to invest in producing world-beating skills and creative content, and export these to global markets. It is a ringing endorsement for the UK creative industries.”
The initiatives include:
- Improved access to finance from the British Business Bank for high-growth, IP-rich firms outside London, with investment readiness support for creative businesses from Government and industry
- A new £20m Cultural Development Fund, making strategic investments in culture and creative industries, supported by an industry programme to provide mentoring and advice to firms in clusters
- A new creative industries Trade and Investment Board with the objective of growing UK creative exports by 50 per cent by 2023
- further joint action to safeguard copyright content and tackle online infringement
- an industry-led creative careers programme, to increase the supply and diversity of talent across the sector
- investment from the Industrial Strategy Challenge Fund, to harness the power of immersive technologies and to create new R&D partnerships between universities and creative businesses
The package follows negotiations between Government and the CIC, with input from the Creative Industries Federation and other leading voices across the sector.
Read the Government's full release or download a report on the deal.
Download and share deal-related graphics here and here.
Published: March 28, 2018.