Britain needs a plan to remain competitive in the creative industries by 2024

This is a crucial time for Britain to remain competitive in the creative and cultural sectors.

Our vibrant sector can boost the economy and continue to create jobs and investment in Britain, but for this to happen we need a step change in policy to unleash Britain’s creative potential, starting with reducing rates for studio companies in the coming spring budget.

The UK’s creative industries have long played a vital role in powering our economy and there is huge demand for British cultural content around the world.

International demand for British TV and film exports is expected to grow by 50 percent by 2033 as Britain continues to control a disproportionate share of the international market.

Hollywood blockbusters are increasingly being filmed in Britain, with global productions such as the upcoming Wicked films choosing to shoot here thanks to our strong tax incentives, highly skilled crews and world-class production facilities such as the recently opened Sky Studios Elstree. Britain will soon have more film studios than Hollywood itself.

The international appetite for British creativity is matched by a clear vision from our sector to grow Britain’s media and entertainment power.

Recent research has shown that the sector could be worth an additional ten billion per year by 2033, making a significant contribution of £53 billion to the UK economy, more than double the size of the UK car manufacturing sector.

To get to that point, our industry and the UK Government must work together to invest in innovation, skills and key infrastructure.

Stimulating innovation is crucial, and to reap the full economic, social and creative benefits of a strong media and entertainment industry, Britain must remain an attractive place to do business.

A new innovation impact test would therefore set a high bar for any additional regulation and would help keep the UK globally competitive.

Furthermore, acute skills shortages in the UK economy need to be addressed. We need to ensure that there is a trained pipeline of talent to fill the roles of the future, for example within the newly emerging trend of virtual manufacturing.

Dedicated digital skills training and expanding the scope of the Apprenticeship Levy to include wider reskilling and retention in the workforce can help address the challenge.

When we think about domestic investment, our studio space policy is critical. For British content to flourish – at home and abroad – the government must ensure business rates for studios remain competitive.

Compared to other sectors, the proposed increases would make them an outlier, jeopardizing the future success of original British film and television.

Britain has done a lot of good things to help the creative industries thrive – but to stay competitive and get productions filmed here, it’s time for politicians to say ‘Cut!’ to call. on rates for studio companies, otherwise we risk losing a vital boost to the UK economy.

If we seize this opportunity, it could boost Britain as a television and film powerhouse – the jewel in the crown of our economy.