London’s competitiveness as a global city is built on its vibrant creative sector. Our creative industries generate more than £52bn each year. One in six of the UK’s new jobs are in this sector, with 58,000 arts and design graduates joining them every year. London is a cultural powerhouse, but its very success is pricing artists and makers out of our city.

Our creative economy is at risk. For generations London’s cultural sector has been underpinned by access to affordable and flexible studio spaces. However, unprecedented numbers of studios are struggling to retain rates and provide affordability in an environment of rising rents, with the result that spaces are rapidly being lost.

By securing a blend of funding – bringing together donors, investors and grant-givers – we will sustain the future of London’s studios via the purchase of freeholds or long leases, gifts and asset transfers. Through the use of local agreements and Community Infrastructure Levies we will set affordable rents based on transparent assessments of local conditions.

Through partnerships with owners we will return heritage and at-risk properties to beneficial use, working with London’s best providers to create affordable workspace and communities around them.