U.K. Government Pumps $9.7 Million into Creative Industries Training Fund

George Osborne - P 2012
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The chancellor of the exchequer also sets up process for the long-touted tax credit system for high-end TV productions.

LONDON – The government is to pump £6 million ($9.7 million) into training across the U.K. creative industries over the next two years.

In his fall budget statement, the chancellor of the exchequer George Osborne said the cashpool would be made available to "provide entry-level and professional-level training for up to 3,300 people working in film, television, animation and video games companies."

The money will support training and will be matched by the industry.

Creative Industries minister Ed Vaizey, who claimed the creative industries are worth £36 billion ($58 billion) in the U.K., said: "They are a real success story and a key part of our economic growth strategy. But they need to make sure that they can continue to compete in the global marketplace - which is hugely competitive and constantly evolving. This new £6 million ($9.7 million) investment will make sure that our creative industries have people with the right skills to make sure they stay at the top."

The money follows the introduction of fresh tax subsidies for high–end TV production, animation and video games.

The fine print on how the relief will operate – likely to mirror the way in which the current film tax credits work – will be published in draft legislation Dec. 11, the government said.

Government-backed training body Creative Skillset’s Skills Investment Fund currently manages film industry investment.

Now the fund will now extend its scope to manage investment, including the new match funding arrangement, for all four sectors covered by the tax breaks.

Creative Skillset chair and CEO of Sonar Entertainment Stewart Till said: "Though the treasury consultation on tax relief our industries have identified the U.K.’s skills and talent as one of the principal drivers of growth and of our global reputation.  This much needed and welcome injection of one-off co-investment will help incentivize the delivery of training to develop  skills that will support the growth in jobs that the tax reliefs will bring."