Unleashing Creative Innovation

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Summary of Recommendations

Unlock Inward Investment

  1. Expand the definition of R&D for tax purposes, enabling far more creative businesses and innovations to benefit from the relief
  2. Introduce sector-specific training to better equip R&D tax inspectors to accurately assess applications received from creative businesses
  3. 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

  1. 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
  2. Establish a Creative Industries Investment Bank to unlock finance, inward investment and export opportunities, benefiting a greater diversity of people, businesses and places
  3. 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

  1. 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
  2. Provide business rates relief for shared working spaces with access to high-cost tech and equipment for businesses and freelancers
  3. Incentivise cross-sector collaboration by facilitating links between the creative industries and other key sectors in responding to global challenges

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Unleashing Creative Innovation