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UK government launches £150m creative industries fund

UK government launches £150m creative industries fund

The UK is throwing its weight behind the creative economy with the launch of a £150m fund created in partnership between government and industry as the countries new industrial strategy takes hold.

The Creative Industries Sector Deal was brokered with the Creative Industries Council to offer additional support and opportunities for part of the economy valued at £92bn and employing 2m people.

£33m of this is being earmarked specifically for virtual reality games, interactive art shows and augmented reality tourism, a relatively small amount of upfront capital that it is hoped will increase Britain’s share of global creative immersive content to £30bn by 2025.

Secretary of State for digital, culture, media and sport, Matt Hancock, commented: "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.”

Other aspects of the far-reaching deal include the establishment of a creative industries trade and investment board; fresh moves to crackdown on copyright infringement and the establishment of The London Screen Academy offering creative diplomas.

In a bid to communicate the opportunities opened up by this new industrial strategy the Advertising Association has formed a new group, called Promote UK, which will be led by Jamila Saidi, director of Great International Trade Campaign, and DIT’s first advertising sector specialist, David Moody, to push Britain as an advertising hub in tandem with the government’s efforts.

Promote UK will be chaired by Janet Hull OBE, IPA director of marketing strategy with over 30 participating companies at launch including 18 Feet & Rising, The Seven Stars, AAR, Above+Beyond , adam&eveDDB, APA, Bang TV, DMA, Feref , Framestore, Gravity Road, Grey, IAB UK, IPM, Iris Worldwide, Karmarama, Kinetic, Kingston Smith, London & Partners, M&C Saatchi, MBA, McCann, Mother London, Mindshare, MRS , Nexus Studios, Ogilvy, Park Pictures, Rattling Stick, Seven, St Luke’s, System 1 Group, Thomas Thomas Films, VCCP and Y&R.

Janet Hull, Promote UK Chair, added: “We want buyers to feel that, unless they choose a British company, they have not quite bought the best there is. This emotional connection will help to underpin rational selection processes. By co-ordinating efforts across the sector and partnering with Government, and embassies around the world, we will be able to expend our collective reach at a critical time when the UK needs to be even more visible on the world stage.”

The creative industries have long been applying pressure on the government to include it within its industrial strategy alongside the likes of oil and gas extraction and vehicle manufacturing.

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