Film Industry

Lord Bellingham Excerpts

Thursday 10th October 2024 Lords Chamber

[Baroness Twycross (Lab)]

I thank my noble friend for his question. I repeat that at the moment we have a skills shortage and significant vacancies—a vacancy margin of about 25,000. We know that our success is down to our skilled and innovative workforce. As a number of noble Lords have highlighted, this goes way beyond people working in a silo. There is something about creativity and working across different parts of the sector that probably benefits that.

We will get more details on the transformation of the apprenticeship levy into the new growth and skills levy in due course. It will create opportunities and give employers greater flexibility to train and upskill their workforce. Through working with Skills England, it will also allow the Government to identify what skills gaps there are, so that we make sure that every single sector, including the creative industries, has the skills it needs for the growth this country requires.

[Lord Bellingham (Con)]

My Lords, the Minister mentioned the forthcoming economic growth summit, which I applaud the Government for putting in place. She will be aware that many young growth companies in the creative industries sector currently enjoy IHT relief, particularly those on the AIM market. Can she confirm that she is supportive of this relief, and will she make representations to the Chancellor on this point?

[Baroness Twycross (Lab)]

Both I and the Government are clear that the use of tax relief to support creative industries is a really important way in which we increase and support the success of an already successful sector. Any specifics around future relief are obviously a decision for the Treasury, although I repeat what I have said previously—and apologise for repeating it—that DCMS and HMT both understand how important these reliefs are to the industry. As I have previously mentioned, the Budget will be held later this month.