News: 'Creative London' boosts Arts funding

Monday 26 April 2004

A major package of support for London’s creative industries was announced today. Creative London aims to boost the capital’s reputation and performance as a leading world centre of creativity.

It includes:

A £50 million seed fund launched to support creative businesses

Ten creative hubs to be established across London

Property advice service announced

Support from industry heavyweights and leading creative names

**It has been established by Mayor Ken Livingstone’s London Development Agency. The Mayor said*:* “London is a magnet for the creative industries, which are the fastest growing sector in the capital and worth around £21 billion. We want to ensure that creative industries are able to thrive in the capital by maximising opportunities for creative talent working or getting established here.”

Michael Frye, Chair of Creative London, added*:* “London’s creativity benefits from the capital’s multicultural diversity, but often the talent deep in these communities does not get the support and access it needs. It will now. London’s future social, economic and cultural health will depend on how well we support creative industries today. Over the next ten years we aim to increase their value to £32 billion and create 200,000 new jobs”.

London’s creative industries currently employ 500 thousand people and are responsible for one in five of all new jobs created in the capital. But an investigation by the Mayor’s Commission for the Creative Industries found that London is failing to achieve the international recognition it deserves and that young entrepreneurs often struggle to secure financial and business support and experience difficulties accessing affordable premises and the means to successfully market their products.

The ten-year action announced today includes:

- A £50 million seed fund to support business growth and provide venture capital. The first £10 million is already secured by the London Development Agency An initial ten Creative Hubs – creative industry centres to be set up across London providing flexible workspace, training, mentoring, exhibition, showcasing, marketing and networking facilities. Hubs are proposed for East London, Deptford/Greenwich, Islington/Hackney/Tower Hamlets, Haringey/Wood Green, Camden/Kings Cross, Notting Hill/North Kensington, Ealing/Acton/White City, Brixton/Elephant and Castle, Croydon and the Lower Lea Valley

A London-wide Creative Property Advice service to provide advice on local authority policies and planning issues, and support to acquire and develop workspace opportunities.

Specialist legal support to advise on Intellectual Property rights

Private sector investment to be attracted through an imaginative new marketing initiative

A space brokering agency to access vacant space for exhibitions, marketing and showcasing, aimed at the arts world, already online at www.creativespaceagency.org.uk

Creative London has the backing of the CBI, Department for Culture, Media and Sport, Film London, London First, Visit London and leading creative industry figures including Terance Conran, Michael Grade and David Puttnam.

Links:

“Guardian, 26 Apr”:

http://www.creativelondon.org.uk

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