The creative industries have been given a further £25m to help contribute to economic growth, it was announced today.
Following the £6million announced by Chancellor George Osborne in 2012’s Autumn Statement, the Skills Investment Fund (SIF) will be given an extra £5m each year over the next 2 years, with government match-funding for voluntary industry contributions.
The extra funding for SIF, administered by Creative Skillset, will support skills development in the UK digital content sectors.
This follows increased production in the creative industries since 2012’s announcement of new tax reliefs for high-end TV production, animation and video games companies.
Creative Industries Minister, Ed Vaizey said: “The UK has a world class content production sector. Today’s package of measures, announced in the Budget, recognises the significant economic contribution made by our highly skilled creative content industries.
“It demonstrates government’s ongoing commitment to supporting innovation and investing in talent to help keep the UK ahead of the game when it comes creative excellence.”
A further £15m has been committed to the design and launch of a new competition, led by the Technology Strategy Board. This will invite consortia bids to support digital content production through partnerships with industry, including specialist SMEs, educational research facilities and training providers.
HM Treasury will also be launching a public consultation on options to help support for the visual effects industry through the tax system.