Government to pump millions into CGI and visual effects

Britain’s creative industries will receive an investment boost from the government amid plans to ramp up the growth of the sector and create new jobs by 2030.

Some £77mln of new funding will be granted to the sector, with the aim of growing the creative industry economy by £50bn in the next seven years, ultimately adding 1mln new jobs.

“The creative industries are a true British success story from global music stars like Adele and Ed Sheeran to world-class cultural institutions like the National Theatre,” prime minister Rishi Sunak said.

Special effects labs, researching the likes of artificial intelligence, will be supported by the bulk of the funding, worth some £63mln.

This will see new centres set up in Belfast, Dundee, Yorkshire and Buckinghamshire aimed at becoming Europe’s’ “largest” virtual production research network, which will also be backed by the likes of BT Group PLC (LON:BT) and Vodafone Group PLC (LON:VOD).

Additional funding will also be stretched to creative and music growth programmes, including those that have backed British artists Dave, Wolf Alice and Catfish and the Bottlemen.

According to the government, employment in the creative sector has grown five times quicker than the rest of the economy since 2011.

The industry has also contributed £108bn in gross value added each year over the past decade, a figure the government hopes to increase by £50bn come 2030.

Grassroots music venues will also benefit, alongside funds offered to UK video game producers, the government announced.

“Our creative industry isn’t just about the glitz and glam of the red carpet in Leicester Square (NYSE:SQ),” chancellor Jeremy Hunt added.

“It brings in billions a year to help fund our public services, supports over 2 million jobs, and is world-renowned.”