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Spending Review brings mixed outcomes for our industry
The Spending Review provides a detailed outline of government departmental funding for the next three years, focusing on day-to-day budgets and the future delivery of public services. For the creative and communications sector, the outcomes were mixed.
It was confirmed the Department for Culture, Media and Sport (DCMS) will see a 5% budget cut, albeit less severe than expected. According to the Treasury report, these savings stem partly from a zero-based review, including plans to reduce the physical estate of eight public bodies and the core department.
However, more positively for the creative industries and enterprise in general, the Chancellor’s statement contained a commitment to:
- £2bn in AI investment over the next three years
- £1.2bn annually for skills training for young people by the end of this Parliament
- Increased funding for the British Business Bank
- Enhanced support for apprenticeships and training programmes
While the UK creative industries are now acknowledged as a strategic growth driver, government spending priorities need to reflect this through greater investment into the critical work undertaken by public relations and public affairs professionals, who make an important contribution to local, national and international communities and economies.
Our PRCA members are committed to the highest ethical standards through our Codes of Conduct and deliver services that are integral to the health and success of organisations of all sizes, across all sectors. Their work fuels economic growth, drives innovation and is essential for business and the wider economy.
Continued support for the cultural and creative industries must remain a priority. We will continue to advocate at the highest levels to increase understanding, trust and investment.
