Creative Industries: Loans

House of Lords written question – answered on 3rd July 2012.

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Photo of Lord Cotter Lord Cotter Liberal Democrat

To ask Her Majesty's Government what projections they have made of the additional investment that the provision in the European Union's Creative Europe proposal for a loan guarantee scheme would leverage for the creative industries; and what proportion of this they expect would be leveraged for use in the United Kingdom.

Photo of Baroness Garden of Frognal Baroness Garden of Frognal Lords Spokesperson (Department for Culture, Media and Sport), Baroness in Waiting (HM Household) (Whip)

The European Commission forecast in its impact assessment that the Creative Europe loan guarantee scheme could leverage between €964.44 million (£771.46 million) and €2.8 billion (£2.24 billion) in additional investment for the creative industries across the European Union over the seven year period 2014-20, if the current budget proposal is maintained. However, we are seeking reductions to the budget proposal in line with our overall priority of limiting the EU budget to a real terms freeze. We have not made a separate projection of the total amount of additional investment which is likely to be leveraged either for the European Union as a whole or for the United Kingdom in particular.

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