UK Skills fund rises to $50m

The levy, capped at £39,500, will mean the new Skills Investment Fund (SIF) being administered by Creative Skillset will rise to £32m ($50m) over the next two years.

The Treasury has committed to providing £16m of funding towards training and through commitments from the industries provided tax reliefs, the fund will be doubled. Games and VFX industries will also contribute.

Each sector is establishing an advisory skills council to identify skills shortages and develop an action plan. They will formulate a plan on how best to address the skills shortage including bootcamps, apprenticeships, subsidised training schemes and mentoring.

While producers have welcomed the introduction of the tax breaks, they have raised concerns about a skills shortage. Particular areas of concern include stereographers, digital imaging technicians, data wranglers and broadcast engineers.

Creative Skillset said: “Working together has direct benefits and will mean we can achieve greater scale, address common issues and secure wider benefits, such as match funding. The Skills Investment Fund is designed to ensure a legacy of sustainable industry-wide arrangements, with investment now securing a strong and bright future.”