New CBI report demonstrates the economic and cultural value of the UK’s creative industries.
This report champions our world leading creative industries, the growth architects of the UK economy; and explores the role they play in UK society and in shaping how the UK is perceived internationally
The UK’s creative industries are a global success story generating over £101bn for the UK economy – equivalent to £11.5m per hour. Over the last decade, the sector has grown twice as fast as the UK economy as a whole and shows no sign of slowing down. It is estimated the sector will be worth £130bn GVA by 2025 as international demand continues to grow. The creative industries also sit at the heart of a bigger creative economy, which employs over three million people and generates value across supply chains.
A creative nation
As expansion outside of London has accelerated over recent years, the growth of this vibrant sector can be seen in all regions and nations of the country. Approximately one in eight UK businesses are creative businesses and 95% of businesses in the sector are micro businesses with less than 10 employees. These creative SMEs are at the forefront of innovation, design and creativity. With the right support they could help to address the UK’s productivity challenge and further expand creative hubs across the UK.
The CBI’s new report – Centre Stage: Keeping the UK’s Creative Industries in the Spotlight – shines a light on the significant economic contribution of the UK’s world-beating creative industries; as well as their positive role in society and in shaping the UK’s soft power.
The creative Industries are not just an economic force. Our cultural and creative heritage is a force for good woven into the fabric of society and the creative industries take the lead in shaping Brand Britain.
But these are unprecedented times. The creative industries face increasing digital disruption and competition as international players seek to emulate and surpass Britain’s success. And as the Brexit debate continues the UK must renegotiate its place in the world, deciding what it wants to be known for internationally. At this pivotal time, the creative industries provide an exciting opportunity for Britain to reposition itself and tell its story.
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