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Industrial Strategy – Creative Industries Sector Deal is launched

Posted on: 29/03/2018

Creative sector deal launched as part of the Industrial Strategy

  • The deal was announced in March 2018 by digital and culture sec. Matt Hancock, Business sec Greg Clark and Co-chair of CIC, Nicola Mendelsohn, with the goal of “Making Britain the best place in the world for the creative industries to thrive.” Below summarises the main components of the deal:
  • £150m will be invested by government and industry to help the country’s world-leading cultural and creative businesses thrive as part of landmark Sector Deal
  • The Sector Deal demonstrates business confidence and investment opportunities in the sector, is at an all-time high. The deal contributes to the Industrial Strategy’s vision of good jobs, greater earning power for all, and prosperous communities across Britain. It aims to unlock future growth across Britain, create jobs and develop the cutting-edge technology of the future.
  • Britain’s creative industries are worth £92 billion, employ 2 million people and are growing twice as fast as the rest of the economy
  • This deal aims to double Britain’s share of the global creative immersive content market by 2025, expected to be worth over £30bn by 2025.
  • To seize this opportunity, the UK government is investing over £33m in immersive technology such as virtual reality video games, interactive art shows, and augmented reality experiences in tourism. The UK is already leading the way in the technology sector; PWC predict the UK’s virtual reality industry will grow at a faster rate than another other entertainment and media industry between 2016-2021.
  • There is also a New Cultural Development Fund being launched. Giving cities and towns across the UK to gain access to £20 million to invest in culture and creative industries.
  • Plans to nurture and develop the next generation of creatives include industry-led careers programme and a new London Screen Academy
  • Upskilling the nation’s skills is at the heart of the Modern -Industrial Strategy. £2 million will be made available to kick start an industry-led skills package, including a creative careers programme which will reach at least 2,000 schools and 600,000 pupils in two years. A new London Screen Academy, with places for up to 1000 students, will also open in 2019.
  • This sector deal has been agreed between the Government and Creative Industries Council (CIC) to position the country as a global creative powerhouse
  • It is evident that this industry can boost economic growth for examples nearly nearly 800 jobs have been created in Hull and almost £220 million invested in Hull’s tourism and cultural sectors since the city was named UK City of Culture 2017.

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