Written questions by Raja.

What steps the Government is taking to attract foreign direct investment into the UK’s creative industries.

The Department for Business and Trade (DBT) has dedicated resource within its Creative Industries team in the UK and in key markets across the world, focused on developing and delivering foreign direct investment and promoting the UK creative sector and the investment opportunity for international businesses. DBT works closely with the Office for Investment on major investment projects linked to the creative industries. We provide support through the British Film Commission to grow high-end TV inward investment. We promote the UK as a destination for foreign direct investment through targeted inward delegations to the UK and engagement with potential investors at key international creative industries trade shows working closely with external partners, such as the British Film Commission, the UK Interactive Entertainment Association and Innovate UK. DBT will support the upcoming Investment Summit to promote the opportunity represented by our world class creative sector.

Whether financial support is available for firms looking to invest in the creative industries within the UK.

The Creative Industries Tax Reliefs and Expenditure Credits have been highly effective in attracting investment into the UK creative industries, especially for feature film, high end television (HETV), video games and animation. The British Film Institute reported that inward investment into Film and HETV production in 2023 totalled £3.1 billion, representing 74 per cent of UK production expenditure. The Seed Enterprise Investment Scheme (SEIS) and the Enterprise Investment Scheme (EIS) are available for those looking to invest in start-up and scale-up creative industries businesses offering tax reliefs to individual investors.

Whether there are fiscal incentives for businesses looking to invest in creative industries in the UK; and whether she plans to take steps to encourage such investments.

The creative industries play a key role in driving economic growth. The Government is committed to supporting them and will implement a creative industries sector plan as part of the Industrial Strategy, creating good jobs and accelerating growth in film, music, gaming, and other creative sectors. One of the ways that the Government incentivises investment in the sector is through the creative industry tax reliefs, which provide generous support for production costs of theatres, orchestras, museums and galleries and film, TV and video games companies. The reliefs delivered £2.2 billion of support to these industries in financial year 2022-23. The government also provides a range of grant support.

Media and Sport, whether her Department has had recent discussions with industry stakeholders on increasing investment in the creative industries; and what steps her Department is taking to support new investors.

Yes, ministers and officials have had many such discussions and we are committed to increasing investment in the creative industries from a variety of sources.One of the ways that the Government incentivises investment in the sector is through the creative industry tax reliefs, which provide generous support for production costs of theatres, orchestras, museums and galleries and film, TV and video games companies. The reliefs delivered £2.2 billion of support to these industries in the financial year 2022-23.DCMS also works with other government departments and bodies including the Department for Business and Trade and UK Research and Innovation to encourage new investors to consider investing in the creative industries. This includes work through the activity of DCMS’s Create Growth Programme and the Seed Enterprise Investment and Enterprise Investors Schemes, which are available for those looking to invest in start-up and scale-up creative industries businesses, offering tax reliefs to individual investors.