Creative industries ‘missed out on £163m due to Brexit’

The UK’s creative industries have lost out on £163m of European Union-level funding because of Brexit, according to analysis by the UK Trade and Business Commission.

The group found the UK’s creative sectors would have received an extra £163m from the European Union’s Creative Europe project, had the Conservative government decided not to pull out of the project during Brexit negotiations.

The calculation is based upon the percentage of funds the UK’s cultural industries received during the last funding cycle it was involved in.

Since Brexit, the European Union has decided to increase Creative Europe’s budget by two thirds, with £2.1bn set to be invested through the flagship project before 2027.

As first reported by the Independent, analysis from the UK Trade and Business Commission found the loss of Creative Europe funding means the UK now ranks below its European counterparts in arts funding per person.

Despite promises to match the lost funding, the government’s only successor scheme to Creative Europe thus far, the Global Screen Fund, provided £7m in its first year.

A DCMS spokesperson commented: “Our creative industries are a vital part of the UK economy and we are committed to supporting their success. Through initiatives like the Global Screen Fund we are supporting scores of independent productions as well as driving exports of UK film, TV and video games to new territories.”

The UK Trade and Business Commission met earlier this week to discuss the impact of Brexit on the culture and arts industries.