New paper from Creative UK calls on UK Government to recognise how culture is ‘key to sustainable economic growth’
// creative industries // Creative UK // cultural industries // culture // policy
Summary of Recommendations
Unlock Inward Investment
- Expand the definition of R&D for tax purposes, enabling far more creative businesses and innovations to benefit from the relief
- Introduce sector-specific training to better equip R&D tax inspectors to accurately assess applications received from creative businesses
- Accompany this expansion with the extension and expansion of Creative Industries Tax Reliefs to ensure we’re not left behind on the global stage
Maximise Growth Potential
- Deliver an ambitious innovation funding settlement that unleashes the potential of creative ideas, building on the success of Innovate UK’s Fast Start and UKRI’s Creative Industries Clusters
- Establish a Creative Industries Investment Bank to unlock finance, inward investment and export opportunities, benefiting a greater diversity of people, businesses and places
- Introduce an “Innovation Enterprise Allowance” for entrepreneurs out of work and open up public funding for innovation to practitioners and freelancers with creative ideas
Incentivise Innovative Solutions
- Introduce an “Innovation Employment Scheme”, building on the model of government’s Kickstart Scheme, to sponsor employers to take on creatives out of work to help their business innovate
- Provide business rates relief for shared working spaces with access to high-cost tech and equipment for businesses and freelancers
- Incentivise cross-sector collaboration by facilitating links between the creative industries and other key sectors in responding to global challenges
Download full report:
Unleashing Creative Innovation
