Tower Hamlets will receive a £50,000 grant to support culture and creative industries.
The borough’s joint bid with Hackney to become one of three ‘creative enterprise zone’ (CEZ) made a shortlist of 10 announced by Mayor of London Sadiq Khan on Tuesday.
The initiative aims to attract artists and creative businesses to the areas, and create jobs and skills.
“Artists and creative businesses around London breathe life into every corner of our city – but too often they find themselves unable to put down roots due to the spiralling cost of housing and workspace,” said Mr Khan.
Reduced business rates and incentives for new spaces under the CEZ “offer a real, practical solution to this problem”, he added.
Shortlisted applicants will put forward a bid for further funding in the summer, with the three successful CEZs chosen later this year.
London is predicted to lose 30 per cent of affordable creative workspace by 2019.
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