£150m Creative Industries Sector Deal agreed

On 28 March, Insider reporter Stephen Farrell revealed that as part of a Creative Industries Sector Deal, more than £150m is being jointly invested by government and industry to help cultural and creative businesses across the Britain thrive.

A Cultural Development Fund will also be launched for cities and towns to bid for a share of £20m to invest in creative and cultural initiatives.

The deal aims to double Britain's share of the global creative immersive content market by 2025, which is expected to be worth more than £30bn by 2025.

The government is investing more than £33m in immersive technologies such as virtual reality video games, interactive art shows and augmented reality experiences in tourism. Up to £2m will also be made available to kickstart an industry-led skills package, including a creative careers programme.

Matt Hancock, secretary of state for digital, culture, media and sport, said: "Britain's creative industries are an economic and cultural powerhouse and this ambitious deal will make sure they continue to thrive as we build a Britain fit for the future.

"Our creative industries will help develop the talent of the future, ensure people are rightly rewarded for their creative content and give our firms the support they need to compete on the global stage. Millions of people around the world enjoy our world-class artistic and cultural output and we want Britain to stay a frontrunner in these vibrant sectors."

Nicola Mendelsohn, co-chair of the Creative Industries Council, added: "This breakthrough deal represents a huge vote of confidence in our creative industries to continue to deliver the world class economic performance and workforce that the UK needs. We look forward to working together with government to realise its full benefits and the potential of the creative industries in all parts of the UK."

Download the full Government report here