(3 years, 12 months ago)
Commons ChamberThe hon. Member is absolutely right to highlight that our creative industries are a fantastic success story. They contribute more than £112 billion to our economy, more than the automotive, aerospace and life sciences sectors combined, so we do need to do everything we can to help them. The next stage of the cultural recovery fund will be announced shortly—that is another £258 million—and we are looking very carefully at the German insurance model. It has only been announced this week so the details have not been made clear. We have to be sure that it really is the only obstacle to things being able to reopen, but we very happy to have those conversations with the Treasury.
We are carefully considering the extent to which current advertising regulation is fit to tackle the challenges posed by the modern world. Next year we will be launching a public consultation on the regulation of online advertising. We are also working on more specific areas, including high fat, salt and sugar advertising, and establishing a new pro-competition regime.
I thank the Minister for that detailed answer. Local journalism is funded on the whole by local advertising, be that in local newspapers or local radio, and the structural impact of the changes in our local economies and the move online is having a significant impact on the way that local independent news is produced. Can the Minister give us more details on the steps the Government are taking to protect local journalism, which is so important to maintaining local democracy?
My hon. Friend is a great champion for local media and newspapers in his area. We recognise the vital role publications like his own Warrington Guardian play in supporting communities but also in providing reliable information. We strongly welcome the recommendations in the Competition and Markets Authority report and the setting up of a digital markets unit within the CMA to ensure fairness in regulating digital platforms. The Minister for Media and Data meets very regularly with the sector to discuss all its ongoing concerns about this.