Insider Media Limited

West Midlands businesses are being urged to invest in creative industries as part of a new scheme established by the Greater Birmingham and Solihull LEP.

Culture Minister Ed Vaizey visited Birmingham yesterday to launch the LEP's Creative City fund which aims to secure investment for cultural and creative activities in the region.

Birmingham City Council cabinet member for transport, environment and regeneration, councillor Timothy Huxtable, said he wanted to establish funds worth £5m to invest in the city's cultural economy.

Andy Street, chair of the LEP, said the funds raised could support the creation of a new museum quarter in the city’s Eastside.

He added that the scheme would build on existing public sector funding of the arts through loans, grants, match-funding and investments. The allocation of funds will be "based on the potential for job creation and economic growth", he added.

At the Creative City launch yesterday (25 October), he also outlined the plan for a new 'museum quarter', comprising a new museum of photography and the development of a contemporary art gallery.

Street said: "We want to create an environment which attracts businesses to invest here and existing ones to grow. Having a world-class cultural and creative offer is key to achieving this. Creative City is about building on all the assets that currently exist and multiplying the effect of our investments by working together."

Creative City will be a joint venture between public and private partners and is one of the first projects to be unveiled by the LEP since it was founded earlier this year.

Huxtable added: "The art sector alone is worth £270m and 9,000 jobs to the economy, whilst the creative and cultural industries together are worth a staggering £660m, employing 19,000 people.

"Now the aim is to co-ordinate public sector and private sector spend to further boost the economy and make our city an increasingly attractive place to live and work."