“The mood music of today’s Autumn Statement is one of fiscal prudence. Given the volatility of recent months, the Chancellor’s efforts to re-establish economic stability are welcome.
However, the economic outlook makes for grim reading, and the two million people who represent Britain’s Creative Industries will have heard little in today’s Statement to provide reassurance about their future. There was potentially some good news for the sector on Business Rates support and the launch of a consultation into tax reliefs for those in the audio-visual sectors. The devil may be in the detail, and we will continue to engage constructively with Government on behalf of all our members.
The Chancellor rightly spoke about the need for growth – and the UK’s Creative Industries are well-placed to help boost growth and innovation if key barriers are removed. Creative Industries workforce and skills shortages are now critical, and access to finance across the country urgently needs addressing. Equally, we are keen to boost innovation in our thriving sector by expanding the R&D tax relief to include the arts, humanities and social sciences, rather than by ‘rebalancing’ rates.
The Creative Industries remain a source of strength and pride for Britain and working in partnership with Government will be essential in helping industry achieve its full potential.”