Creative Industries Federation responds to 2018 Budget

October 29, 2018

Today (29 October), Chancellor Philip Hammond presented the final budget prior to Brexit taking place next year.

Alan Bishop, CEO of the Creative Industries Federation, said:

“It is impossible not to view this budget against the backdrop of the uncertainties faced due to the the UK’s upcoming exit from the European Union. The possibility that the spring statement may be upgraded to a “full fiscal event” suggests that an emergency budget may be forthcoming should a deal not be reached. It is vital that creative enterprises and entrepreneurs receive assurances that they will be fully supported if this is the case.

Despite this, there are aspects of this budget that appear more positive. We welcome the recognition from the Chancellor of the great importance of small businesses and self-employed people who make up a vitally important proportion of the creative industries in the UK.

In the Federation’s Budget Representation, we stressed the need for greater flexibility around the apprenticeship levy, both for those who pay into it and for the small businesses that do not. There is more to do to ensure it is appropriately tailored to the creative industries, but it is a step in the right direction that the amount SMEs have to contribute towards apprenticeships will be reduced from 10% to 5%.

Investment in our high streets and infrastructure as well as additional business rates relief, export support and support for IP-rich businesses is welcome. It is now time to consider how these measures and more can best support the UK’s creative enterprises and entrepreneurs who play such an important role in establishing the identities of the different regions and nations across the United Kingdom.    

Despite the Chancellor’s claims that the era of austerity is “finally coming to an end”, we recognise that significant challenges continue to concern the UK’s world-leading creative industries. The Federation will continue to work with members, government and the wider creative industries to support and champion the work of our world-leading sector ahead of next year’s comprehensive spending review.”

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