At Atek, we are pleased to see the news for London creative businesses as Brent, Islington, and Westminster are named as three new Creative Enterprise Zones.
What are creative enterprise zones?
Creative Enterprise Zones are small, designated areas of London where artists and creative businesses are supported. The zones offer incentives to retain and attract new creative businesses by offering permanent affordable workspace, business and skills support, business rate relief, super-fast broadband, and a pro-culture local plan.
Artists and creative businesses will better be able to establish roots in an area and not be displaced by rising prices. These zones will provide long-term affordable workspace for creative businesses, support for start-ups, and unlock new jobs and training for local people.
Deputy Mayor for Culture and the Creative Industries, Justine Simons OBE, notes that “The creative workforce is growing four times faster than the economy at large, and 87 percent of creative jobs are unlikely to be automated – so these are the jobs of the future and a chance for all Londoners to shine. Creativity will shore up our global position in the future, and Creative Enterprise Zones are a bold step forward.”
The new zones in Brent, Islington, and Westminster will join Croydon, Haringey, Hounslow, Lambeth, Lewisham, Hackney, and Tower Hamlets with London Legacy Development Corporation, Hammersmith & Fulham, Ealing with Old Oak Park Royal Development Corporation, and Waltham Forest to fulfil the mayor’s manifesto commitment of creating 12 zones.
Are the creative enterprise zones working?
According to the latest report, the first six Creative Enterprise Zones have successfully created jobs and businesses throughout the pandemic and recovered faster than London’s wider creative economy. A few examples of the impact seen between 2018 and 2021 include:
- Creative jobs in Brixton grew nearly four times faster than in London’s wider creative economy.
- Croydon’s music, performance, and visual arts sectors grew twice as much in the zone as across wider London.
- The music performance and visual arts sectors in Deptford and New Cross made a dramatic recovery from a 36 percent drop to a 12 percent increase in creative jobs over pre-pandemic levels.
Justine Simons, OBE, said: “I am delighted to see the impact our Creative Enterprise Zones are having – reversing the trend of artists moving out of London. The Zones are on track to deliver more than 70,000 sq m of affordable long-term space by 2026, supporting hundreds of creative businesses, jobs, and thousands of young Londoners in the creative industries”
Atek and Creative Businesses
At Atek, we have a particular passion for supporting creative businesses – especially those in the performing arts and digital creative spaces. More than just accounting, we support our clients to get control of their finances and grow. If you want more information about how we can help you and your creative business, please get in touch.