The Chancellor of the Exchequer has presented the UK’s latest budget statement.
Following a build-up which has been rife with leaks and speculation, culminating with the unprecedented accidental early release of the Office of Budget Responsibility’s Budget Report, the Chancellor, Rachel Reeves MP announced the government’s Budget in the House of Commons this afternoon.
Outlining a range of measures aimed at boosting productivity and economic growth, tackling inflation and government debt, the Chancellor spoke for over an hour.
Ahead of her statement, the media and entertainment industry hoped for positive moves to reduce business costs across a sector that generates revenues of £8.82 billion in revenue, according to data provided by Caretta Portal.
While there was no specific mention of the creative industries in her second Budget, Reeves announced several wider business measures, including the provision of funding to make under-25’s apprenticeships free for small and medium enterprises, which may help to address the media and entertainment skills gap. The Chancellor also confirmed the creation of two new AI zones in Wales.
Once the numbers have been crunched and the full implications of tax, NI and VAT policy become clear, the sector will undoubtedly give its reaction to the budget, and TVBEurope will provide further comment as it is received.
