The UK government has announced a significant £380 million investment in its Creative Industries Sector Plan. This targeted funding aims to bolster innovation, access to finance, research and development (R&D), skills development, and regional growth across the UK.
This substantial package is part of a broader strategy designed to generate thousands of new jobs and opportunities within various sub-sectors. These include film and TV, music, performing and visual arts, video games, and advertising. A key focus is driving economic growth in six regions outside of London over the next three years.
Support from the British Business Bank (BBB) will also see a significant increase. This is part of its £4 billion Industrial Strategy Growth Capital, aimed at assisting creative businesses in their expansion and job creation efforts.
A notable component is the £150 million Creative Places Growth Fund. Dedicated to six regions outside London, this fund empowers local Mayors to support creative businesses through access to finance, mentoring, networking opportunities, investor connections, and skills programmes.
Further strengthening the UK's creative landscape, the plan establishes a Creative Content Exchange. This initiative will serve as a reliable marketplace for the selling, buying, licensing, and permitted access to digitised cultural and creative assets. This will unlock new revenue streams for content owners.
Culture Secretary Lisa Nandy stated: “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.”
A £10 million investment in the National Film and Television School (NFTS) will facilitate the training of 2,000 new trainees and apprentices over the next decade. This is supported by industry leaders including the Walt Disney Company, the Dana and Albert R. Broccoli Foundation, and Sky.
Cecile Frot-Coutaz, CEO, Sky Studios and Chief Content Officer, Sky, commented: “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 also includes a new £9 million creative careers service. This service will raise awareness of opportunities and provide pathways into the creative sector for young people.
The Creative Industries Sector Plan comprehensively outlines the Government's support for the sector's growth over the next decade. This includes a focus on boosting regional growth, innovation, access to finance, skills, and exports. The Department for Business and Trade will also increase the number of creative trade missions and markets it targets, particularly in the Asia-Pacific region. Funding for major creative trade shows like SXSW and Cannes Lions will also be increased.