The Chancellor has delivered the new governments first budget pledging a tax relief package for the creative industries
By Matthew Corrigan
Published: October 30, 2024 Updated: October 31, 2024
The Chancellor has delivered the new government's first budget pledging a tax relief package for the creative industries
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The Chancellor of the Exchequer has unveiled a series of measures aiming to drive growth in the UK
Addressing a packed House of Commons, Rachel Reeves MP, the first female Chancellor in the country's history, outlined a range of policies to tackle economic inactivity and expand opportunities for small and medium-sized enterprises, with the creative industries among those specifically targeted.
Referring to our world-beating creative industries, Reeves, announced a forthcoming tax relief package to reduce costs for visual effects production in film and TV. Additionally, she confirmed £25 million in government backing for the Crown Works Studio site in Sunderland, which aims to bring 8,000 new jobs to the local area.
According to the official Budget document, the government's plans for tax reliefs for the UK's creative industries will provide £15 billion of support over the next five years.
The government will continue to broaden and diversify the talent pipeline in the creative industries by providing £3 million to expand the Creative Careers Programme, giving school children the opportunity to learn more about career routes and directly engage with the workplace, adds the document.
In a pre-budget survey conducted by film and TV PR consultants, Percy & Warren, UK production companies called for the Chancellor to explore policy reforms across the area, including R&D tax relief and encouraging growth in regional production hubs outside London.
Further updates and reaction to follow.
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The Chancellor has delivered the new governments first budget pledging a tax relief package for the creative industries
