On 30 April 2020 you launched a new emergency £2.3 million fund to support culture and creative industries at risk due to the impact of coronavirus. How many of these: a) businesses, and b) individuals do you estimate need economic support as a result of the coronavirus pandemic?
COVID-19 has had a catastrophic impact on London’s creative sector, which is worth £58.4 billion a year. A new report by Oxford Economics commissioned by the Creative Industries Federation has projected London will be the hardest hit, losing one in six creative jobs (109,800) by the end of 2020, with a 25 per cent (£14.6bn) drop in creative industries GVA. That is over of half the total UK-wide economic impact.
My Culture at Risk Business Support Fund is providing emergency assistance to sustain cultural and creative venues most at risk of falling into administration, and who are largely unable to benefit from Government schemes or funding from Arts Council England. The fund was available to support up LGBTQ+ venues; affordable creative workspaces and their tenants and 15 of London’s 25 independent cinemas. The fund supports both business and individuals - creative buildings and their occupants. The creative economy is a significant London-wide asset which can play a vital economic and social role in accelerating the capital’s and the nation’s recovery from the COVID-19 pandemic.
I am doing everything I can, but the need for Government support to secure this key industry has now reached a critical point.