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Creative industries sector deal announced

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 this morning (Wednesday 28th March) by Digital and Culture Secretary Matt Hancock, Business Secretary Greg Clark, and CIC Co-Chair Nicola Mendelsohn.
The agreement is one of the earliest sector deals to emerge from the Government’s Industrial Strategy, reflecting the importance attached by policy-makers to the creative industries which account for nearly one in eight businesses in the UK.

Pact Chief Executive John McVay, who was the CIC industry lead on the sector deal, said “Pact is proud to have worked with the Government on the Sector Deal, and it’s fantastic that the creative industries are being recognised by the Government in this way. The sector is growing at twice the rate of the UK economy and with one million new jobs due to be created in the sector by 2030, the backing we’ve got today will take us a long way towards this figure.  We are looking forward to building and growing the creative bases around the country so that we can continue to support the success we’re currently seeing across the creative sector.”

The deal

The initiatives announced in the deal 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
Secretary of State for Digital, Culture, Media and Sport, Matt Hancock, said: “Britain’s creative industries are an economic and cultural powerhouse and this ambitious deal will make sure they continue to thrive as we build a Britain fit for the future.
“Our creative industries will help develop the talent of the future, ensure people are rightly rewarded for their creative content and give our firms the support they need to compete on the global stage.  Millions of people around the world enjoy our world-class artistic and cultural output and we want Britain to stay a frontrunner in these vibrant sectors.”
To read the government report on the deal, click here.