Million jobs target as new creative industries fund launched
Creative UK and Triodos Bank have launched a new £35m Creative Growth Finance II fund in the hope of boosting the creative sector by £50bn and create one million jobs by 2030.
The pair says the fund will provide the “crucial” investment needed to meet the targets set out in the UK government and Creative Industries Council’s recently-published Sector Vision.
Caroline Norbury OBE, chief executive, Creative UK, said: “Over the past decade the UK’s Creative Industries have grown more than 1.5 times the rate of the wider economy, currently generating £108 billion in economic value and employing 2.3 million people. However, this country’s talented creative businesses are experiencing a significant gap between their immense growth potential and access to the vital capital they need to succeed.
“In launching the Creative Industries Sector Vision, the Prime Minister Rishi Sunak acknowledged the ‘enormous potential of our creative entrepreneurs and businesses’ and said that “growing the economy means growing the creative industries”. However, the potential of the Creative Industries risks being unfulfilled if the creators and innovators whose talents power our growth are unable to access the capital and financing they require.
“That’s where Creative UK comes in. We know that with the right investment, the power of the sector to drive growth and innovation across all corners of the UK can be truly transformative.”
Delivered in partnership with Triodos Bank, CGF II is the largest single fund to be delivered by Creative UK, following its investment of more than £50m into the UK’s creative industries over the past decade.
Phillip Bate, director of business banking, Triodos Bank UK, said: “Four years on from the launch of the first Creative Growth Finance fund, our partnership with Creative UK goes from strength to strength and continues to support companies at the forefront of innovation. For a bank only focused on financing projects with positive impact, we can see the social importance of these organisations to the UK. Creative UK’s expertise has been key to helping us grow our funding of this important sector.”