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UK unveils new arts fund in bid to boost ‘gangbusters’ creative sector by £50bn

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Models during London Fashion Week in 2023. (Photo by Joe Maher/Getty Images for House of iKons Fashion Week London)

Ministers have unveiled plans to boost the UK’s “gangbusters” creative industries by up to £50bn.

The Department for Digital, Culture, Media and Sport (DCMS) has revealed a plan to give a multimillion-pound boost across film, music, fashion and gaming, which could see the arts sectors grow by £50bn by 2030. 

The ‘Creative Industries Sector Vision’ promises an extra £77m in funding to “maximise the growth” of the creative industries and support 1m new jobs up and down the UK. 

Sir Peter Bazalgette, co-chair of the Creative Industries Council, said the sector was “coming of age with this ambitious policy framework for economic growth and cultural value”.

At least £50m will go towards supporting the ‘clusters programme’, with the funding used to help businesses get to grips with new technologies and secure investment. 

DCMS is also funnelling £11m into the Create Growth Programme, intended to scale up budding creative enterprises. The UK Games Fund, music venues and London Fashion Week are some of the other initiatives receiving sums of cash. 

Also included in the announcement is £63m in industry investment in four CoSTAR screen technology and virtual production labs, a national site based in Buckinghamshire and three regional labs in Yorkshire, Dundee and Belfast. 

At London Tech Week, Prime Minister Rishi Sunak called the creative industries a “unique strength” of Great Britain and said the sector was “going gangbusters”. 

Speaking about this latest announcement, he said: “We want to build on this incredible success to drive growth in our economy – one of my key priorities – and to ensure that UK creative industries continue to lead the world long into the future.” 

The creative industries have received over £230m of government spend since 2021.

Chancellor Jeremy Hunt added: “Our creative industries aren’t just about the glitz and glam of the red carpet in Leicester Square. 

“They bring in £108bn a year to help fund our public services, support over 2m jobs, and are world renowned. That’s why we’re backing it as an industry to drive our economic growth.”

Sophie Jones, interim CEO of the British Phonographic Institute, welcomed the investment in Music Export Growth Scheme, saying: “At a time when UK artists face greater competition than ever before in a now truly global music market, this is an invaluable resource for independent artists and music companies.

“The scheme is already well over-subscribed, and with this additional investment, the scheme will be able to help even more deserving artists achieve global success.”