Supporting the creative industry in Autumn Budget will increase growth
The chancellor, Rachel Reeves needs to support the creative industry to increase growth, say leading audit, tax and business advisory firm, Blick Rothenberg.
Mandy Girder, a partner at the firm, said: “The UK’s creative industry is an important part of the UK’s economy. The government’s own statistics show that the UK’s creative industry contributed around £124bn to the economy in 2023. But to achieve Labour’s growth agenda, there needs to be more targeted support for freelancers in the media industry.”
She added: “When they are between contracts or awaiting payment, money can be short. An emergency support fund they can access to keep them afloat in those circumstances would be very welcome.”
Mandy said: “However, preventing these cashflow issues in the first place would go a long way. The government should legislate creative industry specific prompt payment rules so clients pay freelancers within a reasonable timescale. Similar rules already exist to ensure government departments promptly pay their suppliers.”
She added: “Freelancer’s should also get tax relief, similar to the ones they received during covid. This would help small but established freelancers with their work-related expenses. This should be coupled with increased or more permanent creative reliefs.”
Mandy said: “The government should offer start up grants for those early in their careers to help them to break into the industry. Some young people, after spending years in university and honing their skills, find getting into employment very difficult. A start up grant would help them bridge the gap while they find work.”
She added: “More should be done to encourage local regions to create specific funds and support for freelancers in their area. The West Midlands, North East and Wales have specific freelancer funds, but more areas need to do this. They should also increase the budget for the Global Screen Fund.”
Neil Kerber, a freelance award-winning cartoonist said: “It would be very helpful if a freelancer such as me could be paid quickly or at least on time, rather than finding out weeks down the line that my invoice still needs to be authorized, then approved, then forgotten about for eight more weeks until someone can be bothered to put it through.”
He added: “I once waited five months for quite a significant invoice to be paid, only to find out that I then needed a purchase order first, leading to even further delays. Prompt payment rules would encourage businesses to handle invoices efficiently, and give creatives much needed back up when they do need to chase for overdue payment.”