The UK’s Creative Industries are a global success story and a key driver of growth. Our creative content, products and services are world-renowned, exercise significant soft power and deliver social benefits to people and communities across the UK. The sector has long outperformed the wider economy and other industries in growth and job creation.
UK Creative Industries tax reliefs are a critical enabler of this success. Government can unleash this growth opportunity by bolstering existing Creative Industries tax reliefs, optimising those elements that could leverage inward investment and by exploring the feasibility and ROI of new reliefs.
Other recommendations to enable creativity to grow and prosper everywhere include:
1) Supercharge inclusive growth by optimising Creative Industries tax reliefs and showcasing creative exports.
2) Unleash creative innovation across all industries by reforming R&D tax relief to reflect the internationally recognised Frascati definition, aligning the UK with other high-growth economies.
3) Stimulate consumer spending by cutting VAT from cultural experiences and creative products, including event tickets and audiobooks.
4) Ease the pressure of rising costs by applying Business Rate Relief to all cultural sites, venues and hubs and providing financial support to improve energy efficiency.
5) Invest in our future workforce at all stages by delivering the £270 million Arts Premium promised in the Conservative Party Manifesto and enabling FE and HE to upskill the next generation.
6) Incentivise a new era of creative entrepreneurship by establishing a new compact with freelancers, retaining the UK’s Intellectual Property framework and boosting competition.