Department for Digital, Culture, Media and Sport
Printable version

£50 million of Government investment announced for creative businesses across the UK

Financial support for the creative industries will drive economic growth across the UK.

  • £18 million funding will support creative businesses outside of London as they create new economic opportunities in their areas
  • £21 million to go into three-year UK Global Screen Fund to promote UK films internationally
  • £8 million will help entrepreneurial, start-up video game developers from across the UK create new games

Creative industries businesses will benefit from a £50 million Government boost to help drive economic growth and level up the country, Culture Secretary Nadine Dorries yesterday announced.

The investment includes £21 million to help build on the international success of the UK film industry through a three-year UK Global Screen Fund. This follows a successful one-year pilot of the DCMS scheme that has boosted the global reach of UK independent productions, including The Miracle Club (starring Maggie Smith) and Good Luck to You, Leo Grande (starring Emma Thompson), administered by the British Film Institute (BFI).

£8 million will help start-up gaming businesses across the country grow their operations, through the UK Games Fund. Based in Dundee, the UK Games Fund will make sure video games firms’ talented workforces have the skills they need to thrive in the sector. This includes increased support for early stage businesses and entrepreneurial young developers, nurturing talent and fostering new games creation across the UK.

The Creative Scale Up Programme, which provides finance and business support to firms in the creative industries, will also be expanded with more than £18 million of new funding. This investment will support innovative creative businesses outside of London as part of the government’s levelling up plans.

The creative industries have made a substantial and sustained contribution to economic growth and job creation across the UK growing, on average, nearly twice the rate of the wider economy. Today’s announcement is recognition of their great work, and will form part of the Government’s Creative Industries Sector Vision, which will be published in the summer and will set out the approach for supporting this high-growth sector into the future.

Culture Secretary Nadine Dorries yesterday said:

The creative industries in the UK are truly world class and I am committed to doing everything I can to support their innovative work as they continue to thrive.

£50 million of Government investment will provide businesses across the country with the tools they need to expand their work and provide even more jobs as we look to level up opportunities across the country.

British Film Institute CEO Ben Roberts yesterday said:

It’s great news that the UK Global Screen Fund is set to deliver a further three years of vital support to our world class independent screen industries. In its pilot the year, the fund has stimulated new international partnerships, boosting co-production, distribution and development opportunities to drive growth and export.

This continued investment recognises the power and potential of UK screen content and ensures that we can build on its global impact, delivering for the UK economy and reaching new audiences around the world.

Caroline Norbury MBE, chief executive of Creative UK, yesterday said:

Creative Coalition Festival is a key moment for UK creativity, bringing together diverse voices from across industry and politics to drive the change and fresh thinking needed to unleash the potential of our world-leading Creative Industries. I’m delighted that the Secretary of State has chosen today’s forum for this announcement, an intervention which rightly recognises the power of our sector and the vital importance of investing in creativity to drive growth and innovation across all parts of the UK.

Dr Jo Twist OBE, CEO of Ukie, yesterday said:

Ukie has consistently called for the invaluable UK Games Fund to be extended and this is a welcome vote of confidence in our thriving games industry. The UK sector is a global success story that is both a critical exporter and a source of extensive inward investment. This support will help the next generation of businesses access the finance they need to build the games to do that, while creating high value jobs across the whole country.

Notes to editors:

UK Global Screen Fund:

  • Launched as a pilot in April 2021, the UK Global Screen Fund will provide targeted investment of £21 million into UK screen companies over the next three years
  • The DCMS fund, administered by the British Film Institute, is designed to boost the international reach and revenues of UK independent screen content
  • In its pilot year, the UK Global Screen Fund invested £7 million in business development, co-production and the distribution and promotion of UK independent screen content
  • The multi-year UK Global Screen Fund will launch later this year

UK Games Fund:

  • Established in 2015 and headquartered in Dundee, the UK Games Fund supports new games businesses, intellectual property and talent across the UK. It does so through:
  • Providing grants of up to £25k to high-growth potential SMEs and microbusinesses
  • The Tranzfuser programme which mentors teams of talented, entrepreneurial university graduates in regional hubs across the UK
  • Providing mentorship and support to SMEs
  • To date, the UKGF has funded over 170 projects, valuing over £5.7m, and helped to bring together a community of over 6,000 UK games developers

Creative Scale Up Programme:

  • The Creative Scale Up Programme will build on the success of the Creative Scale Up pilot. The pilot was a two year, DCMS-funded £4 million investment programme, which supported over 200 creative businesses across three English Combined Authority regions (West of England, West Midlands and Greater Manchester).
  • The programme was announced in December 2018 as part of the Creative Industries Sector Deal. It provided intensive business support to growth-stage creative businesses, to support them to grow and to access finance
  • It is also designed to improve the capacity of relevant investor communities by identifying and engaging local angel investors and matching them to a pipeline of high-growth businesses

Creative Industries Sector Vision:

  • The creative industries were identified as one of four key sectors in the Plan for Growth to encourage recovery following the pandemic and have been invited to develop a Sector Vision
  • The Sector Vision, due to be published in summer 2022, will set out a long-term strategy focused on promoting growth within a sector and delivering on the government’s levelling up, Global Britain and net zero objectives
  • This strategy will be developed as a partnership between government and industry. The Creative Industries Council will be our primary partner to deliver the Sector Vision

 

Channel website: https://www.gov.uk/government/organisations/department-for-culture-media-sport

Original article link: https://www.gov.uk/government/news/50-million-of-government-investment-announced-for-creative-businesses-across-the-uk

Share this article

Latest News from
Department for Digital, Culture, Media and Sport

ICS.AI Webinar with the ICO: Reduce inbound contact with AI-driven customer service