London Mayor Sadiq Khan Pledges £500,000 for Creative Enterprise ZonesDecember 14, 2017
Mayor of London Sadiq Khan has pledged half a million pounds for 10 creative enterprise zones across the capital.
The zones were outlined originally in Khan’s manifesto, and are aimed at retaining talent in the city and attracting “new creative businesses”.
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Khan said the enterprise zones would be designed to “help creatives put down roots and establish themselves in local areas”.
Khan is now calling on boroughs of London to submit bids for one of 10 £50,000 grants, claiming rising rents and property prices could lead to a drop of 30% in affordable creative workspaces by 2019.
Through the scheme, Khan will work with boroughs to offer incentives such as permanent affordable workspace and relief from business rates to creatives.
He said: “Our creative industries make a huge contribution to London’s reputation as an open, creative and diverse city and this success is largely thanks to our wealth of creative talent. We cannot afford to lose artists and creative businesses. They power our economy and bring people together across communities.”
City Hall has previously worked with Haringey Council to develop a similar zone, and in the past five years it is claimed the creative industries in this area have grown by 127%. Research in Haringey has informed the vision for the London-wide scheme.