Sunday, 9 October 2011

Far from risky-get investing in creativity reports tells banks

British fashion designers, music producers and gaming firms risk going bust or being poached overseas because of a myth that they are a risky financial investment.

That's the conclusion of a report to be published by think tank Demos and previewed in this morning's Independent on Sunday.

According to the paper,the report suggests that far from being risky, creative industries might even be less risky "as a result of the passion, dedication and skill of the individuals involved".

It will criticise the way the Government treats the sector, suggesting that the definition is confusing and ignores lucrative areas of business. It is also claimed that banks are too quick to write off firms looking for financial backing. Fashion and music companies are considered too risky, while video games firms often struggle to qualify for research and development tax credits. The report will also suggest the BBC be forced to commission more programmes from independent producers.

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