UK creative sector to get a 380-million-pound boost

The UK government pledges to inject 380 million pounds of targeted funding into the creative industries to support innovation, access to finance, research and development, skills and regional growth across the UK.

The investment in the sector is part of the ‘Creative Industries Sector Plan’ from the Department of Culture, Media and Sport (DCMS), which sets out the government’s ambitious ten-year plan to make the UK the best place to do business and unlock growth as part of the ‘Plan for Change’.

The hope is the new funding will boost innovation, regional growth and investment, as the government looks to drive the UK’s Creative Industries from 17 billion pounds in 2023 to 31 billion pounds by 2035 to cement the UK’s position as “a global creative superpower”.

The funding package is part of the government’s wider plan to deliver targeted investment to create thousands of new jobs and opportunities in sub-sectors like film and TV, music, performing and visual arts, video games and advertising, while also generating economic growth in six regions outside London over the next three years, including Manchester, Liverpool, the West Midlands, West Yorkshire, the North East and the West of England.

This includes a mix of sector-wide initiatives to help creative businesses, including those in the fashion industry, to scale, export and future-proof their operations while maintaining their cutting-edge creative identity.

UK government pledges to more than double its support for the creative industries

Several commitments from the government specifically for the fashion industry include continuing to invest in the British Fashion Council’s NewGen programme, backing emerging UK designers with funding for London Fashion Week showcases and business mentoring, as well as providing funding for London Fashion Week itself.

The Department for Business and Trade (DBT) will also continue to champion international trade promotion for the fashion and design sector through initiatives like guest programmes and key international trade shows.

The report also identified the fashion sector as a particular sub-sector with “complex global supply chains vulnerable to disruption,” and the DBT states that it will deepen its understanding of supply chain vulnerabilities through a new Supply Chain Centre, which will identify strategic inputs where additional action, such as building domestic capabilities or diversifying imports, is needed to build resilience.

In response to the government's creative industries sector plan, Laura Weir, chief executive of the British Fashion Council, said in an open letter: “Fashion’s inclusion in this long-term plan is a strong and welcome signal of recognition for our sector’s economic, cultural and international value. The UK has long been a launchpad for some of the world’s most visionary designers and creative businesses and today’s announcement strengthens our ability to support that legacy for future generations.

“This is also a clear endorsement of London Fashion Week as a global platform that drives culture, creativity and commerce, and an essential part of the UK’s soft power and economic story.”

UK looking to become a “a global creative superpower” with fresh government funding

The fashion-specific initiatives are part of a wider suite of measures which the government says are aimed at strengthening the creative economy, including increasing support from the British Business Bank for the creative industries with debt and equity finance, creating a new working group to tackle barriers to IP-backed lending, and a plan to deliver a refreshed UK-wide 9 million pound creative careers service.

Other initiatives include increasing the number of creative trade missions and markets targeted, building on traditional markets like the EU and the US, as well as fast-growing markets such as the Asia-Pacific, and committing to making UK IP rights the best protected in the world, setting a gold enforcement standard in the UK and internationally to protect rights owned by UK businesses.

There will also be the creation of a new 10 Downing Street-led ‘Global Talent Taskforce’ to turbocharge the UK approach to international talent attraction. This will include making the Global Talent Visa more accessible to a broader range of design talent.

Lisa Nandy, Culture Secretary, added: “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 pounds of investment, will boost regional growth, stimulate private investment, and create thousands more high-quality jobs.”