Creative UK responds to the Spring Budget 2024

By Caroline Norbury OBE, Chief Executive of Creative UK

I’m looking forward to reading the full budget later when it is published later today. But in the meantime, it’s brilliant to see the Chancellor announce some positive news for the Cultural and Creative Industries during his speech in the House of Commons this afternoon. 

We’re delighted to see support for independent film announced, in the shape of a new UK Independent Film Tax Credit for films with budgets up to £15m. 

Scrapping the 80% VFX cap will make a real difference when it comes to incentivising UK production, and the increase in the rate of tax credit by 5% is a positive step forward.  

We’re also pleased to see the tax relief for Orchestras, Theatre, Museums and Galleries made permanent. Non-touring theatre productions and museum/gallery exhibitions will benefit from a permanent relief rate of 40%. In addition to this, touring theatre productions and exhibitions, and all orchestra productions will also now benefit from a permanent relief rate of 45%.  

Of course, the cut in National Insurance is welcome for creative freelancers – particularly as we are still in the midst of the cost-of-living crisis.  

For the wider economy, it’s positive that we’ve seen generous support announced for other key growth sectors like clean energy, advanced manufacturing, digital tech, and life sciences. Now, we must keep pushing for equivalent strategic and substantial interventions for the creative and cultural sectors. 

For us, this means committing to further investment to develop creative content and IP. It also means delivering the £270 million Arts Premium, as promised in the Conservative Party Manifesto in 2019, and committing to a full review of the investment landscape which will help catalyse more private finance into the sector.