Creative sector gains greater access to UK government support

New measures include a map of available finance.

The British government has widened its support for creative businesses as part of the Creative Industries Sector Plan.

Having secured £4b for Industrial Strategy priority sectors in the UK, government-owned economic lender British Business Bank (BBB) is raising the level of funding it provides to companies in the creative field.

The amount includes the £45m that has been allotted to Redrice Ventures, which is a specialist seed-stage investor within the creative industries.

Meanwhile BBB is also looking at supporting IP-backed (intellectual property) lending to encourage innovation and entrepreneurship. At the same time, it is collaborating with the likes of Innovate UK and the Creative Industries Council.

Additionally, businesses will have a clearer understanding of the funding available to them via a finance map published by the government, as well as through a "single front door" service to be rolled out later this year.

"The UK's creative industries are world-class, with businesses at the cutting edge of their fields existing right across the country," said Creative Industries Minister Ian Murray.

"Through the Creative Industries Sector Plan, we are determined to ensure they can continue to grow. Accessing finance is key to that, which is why we are working with industry to open up more opportunities."

In 2024, the creative industries in the UK contributed nearly £146b in gross value added.