News – London accounts creatively

A ten-year action plan designed to cement London?s position as an international centre for the creative industries has been launched by the London Development Agency. The scheme, Creative London, has been developed in response to the findings of the Commission for the Creative Industries which was established by Mayor Ken Livingstone. The Commission found that the creative industries, which encompass areas as diverse as software design and opera, are the fastest growing financial sector in the capital, with an annual turnover of £21bn. While London was found to account for a significant proportion of the UK?s income from the creative industries, the Commission found that the city is failing to achieve international recognition in these areas.
Start-up businesses often struggle to secure financial and business support and experience difficulties finding affordable premises and marketing their products. Key initiatives of the scheme include the establishment of a £10m seed fund to support business growth and provide venture capital, and the formation of Creative Hubs across the city offering exhibition space and business support. A city-wide Creative Property Advice service will be set up to give advice on local authority policies and support the acquisition of workspace for new creative businesses. Over its 10 years, the scheme aims to help create 200,000 new jobs and increase the value of the creative industries to London?s economy by 50% to £32bn. Architect David Adjaye, speaking at the launch of the scheme said, ?I think [Creative London] has fantastic potential. Essentially, we have a crisis in London, where to be creative is to be seen as someone who is not to be taken too seriously ? it?s great that this has finally come to the agenda of the establishment.?