Local councils are being invited to bid for one of ten £50,000 City Hall grants to support creative workers who are often pushed out of areas by rising rents.
Creative industries contribute £42bn to London’s economy every year and account for one in six jobs in the capital, but smaller firms and sole workers often find themselves struggling to secure affordable workspace.
To help boost the sector, Mayor Sadiq Khan is offering funding to create ten Creative Enterprise Zone following a successful research pilot with Haringey Council which saw creative industries in Tottenham grow “by 127 per cent” in the past five years.
City Hall says it will work with boroughs to offer incentives such as permanent affordable workspace and relief from business rates.
Mayor Sadiq Khan 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 our artists and creative businesses – they power our economy and bring people together across communities.
“Too often artists and small businesses find themselves priced out of the very city they help bring to life.
“Creative Enterprise Zones are a bold new initiative for London and will help to secure our future as a cultural capital.”