Latest news with #JonathanReynolds
The Independent
an hour ago
- Business
- The Independent
Creative industries to get £380m boost ahead of industrial strategy launch
Britain's film, music and video game industries are set to receive millions of pounds of investment as the Government seeks to ensure the UK's place as a creative superpower. The investment, announced by Culture Secretary Lisa Nandy, will see £380 million spent on a range of projects intended to double private investment in the creative industries. Ms Nandy said the investment would 'boost regional growth, stimulate private investment, and create thousands more high-quality jobs'. The figure includes £25 million for research into cutting-edge technologies such as the virtual avatars used in Abba Voyage, and £75 million to support the film industry. It will also see £30 million put towards backing start-up video games companies – an industry worth billions of pounds to the UK – and another £30 million for the music industry, including an increase in funding for grassroots venues. Another £150 million will be split between the mayors of Manchester, Liverpool, the West Midlands, West Yorkshire, the North East and the West of England to support creative businesses in their regions. The announcement comes as the Government prepares to publish its industrial strategy next week, billed as a 10-year, multibillion-pound plan to back certain sectors and secure growth for the UK economy. The creative industries are set to be one of the winners, with a plan for the sector expected to be published alongside the wider industrial strategy. Business Secretary Jonathan Reynolds said: 'The UK's creative industries are world-leading and have a huge cultural impact globally, which is why we're championing them at home and abroad as a key growth sector in our modern industrial strategy.' But earlier this month, the Government also rejected a planning application for a major new film studio near Holyport, in Berkshire, over its impact on the green belt. The £380 million has been welcomed by the industry, with the Broadcasting, Entertainment, Communications and Theatre Union (Bectu) saying it was a 'show of commitment to the sector'. But Bectu chief Philippa Childs said creative workers would also be looking for 'sustained support' from the Government as the sector 'recovers from a series of external shocks'. Recent years have seen the sector rocked by Covid, the cost-of-living crisis and concerns about the impact of AI and Donald Trump's threat to impose tariffs on films made outside the US. Conservative shadow culture secretary Stuart Andrew accused Labour of threatening the 'very survival' of the creative industries. He said: 'From their national insurance jobs tax to their business rates hike, Labour are pushing creative businesses to the brink, and we now know that Rachel Reeves has a secret plan to raise taxes – meaning things will only get worse. 'Labour must recognise that their economic mismanagement is dealing a devasting blow to the sector.'
LBCI
4 hours ago
- Business
- LBCI
Britain agrees $2.7 billion investment partnership with Bahrain
Britain said on Friday that it signed a new partnership with Bahrain that will see 2 billion pounds ($2.69 billion) of investment into financial services, clean energy, manufacturing and technology. "This 2 billion pounds commitment is yet another major vote of confidence in the UK economy, backing the key growth sectors we've identified in our upcoming modern Industrial Strategy," business minister Jonathan Reynolds said in a statement. Reuters
Al Arabiya
14 hours ago
- Business
- Al Arabiya
Britain signs $2.7 bln investment partnership deal with Bahrain
Britain said on Friday that it signed a new partnership with Bahrain that will see 2 billion pounds ($2.69 billion) of investment into financial services, clean energy, manufacturing and technology. 'This 2 billion pounds commitment is yet another major vote of confidence in the UK economy, backing the key growth sectors we've identified in our upcoming modern Industrial Strategy,' business minister Jonathan Reynolds said in a statement. ($1 = 0.7424 pounds)
Reuters
14 hours ago
- Business
- Reuters
Britain agrees $2.7 billion investment partnership with Bahrain
LONDON, June 20 (Reuters) - Britain said on Friday that it signed a new partnership with Bahrain that will see 2 billion pounds ($2.69 billion) of investment into financial services, clean energy, manufacturing and technology. "This 2 billion pounds commitment is yet another major vote of confidence in the UK economy, backing the key growth sectors we've identified in our upcoming modern Industrial Strategy," business minister Jonathan Reynolds said in a statement. ($1 = 0.7424 pounds)
Times of Oman
18 hours ago
- Business
- Times of Oman
Piyush Goyal showcases India's strategic economic vision at India Global Forum 2025 in London
New Delhi: Indian Union Minister of Commerce & Industry, Piyush Goyal, showcased India's strategic global outlook and economic leadership at the India Global Forum (IGF) 2025 in London on Thursday, the Ministry of Commerce and Industry added in a statement. The release stated that the Minister's visit marks a significant moment following the historic signing of the India-UK Free Trade Agreement (FTA) in May 2025. Delivering the keynote address at the IGF Mainstage Plenary Session titled "From Agreement to Action: The UK-India FTA," the Union Minister reaffirmed India's commitment to transitioning the FTA from a negotiated text into a transformative economic partnership. He was joined in conversation by the UK Secretary of State for Business and Trade, Jonathan Reynolds. Union Minister Goyal described the FTA as a reflection of shared ambition between two vibrant democracies. He stated that the agreement not only enhances bilateral trade but also demonstrates India's ability to negotiate balanced and future-oriented trade frameworks aligned with its national interests. Outlining the next phase of implementation, Goyal highlighted key priorities such as strengthening institutional mechanisms for joint governance, unlocking early benefits for SMEs and startups, and facilitating smooth mobility of skilled professionals across sectors. On June 19th, the Union Minister participated in a special session on "UK-India Science, Technology and Innovation Collaboration" at the Science Museum in London. The session explored opportunities for UK stakeholders to contribute to India's expanding investments in digital public infrastructure, sustainable manufacturing, and green technologies. Discussions also covered efforts to make India a global manufacturing hub through Make in India, PLI schemes, and enhancing collaboration in sectors such as fintech, artificial intelligence, and creative industries. The Free Trade Agreement's role in deepening cooperation in critical technologies, defence production, and advanced manufacturing was also highlighted. The session further examined how innovations like UPI and CoWIN can be scaled globally through bilateral collaboration. The Minister's participation underscores India's continued commitment to strengthening its comprehensive strategic partnership with the United Kingdom. By leveraging the India-UK FTA, both nations aim to unlock new avenues in goods, services, technology, and innovation for shared prosperity.
