January 15 ,2015 | by Thiago Kiwi

UK creative industries adds massive £77bn to economy, says report

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UK creative industries continue to blossom, adding £77 billion to the economy in 2013.

Creative industries in the UK are booming, according to the latest report from the Department for Culture, Media and Sport. The data showed the sector contributing an astounding £77 billion to the UK economy in 2013, that’s one tenth higher than 2012’s total of £70 billion.

Breaking down the figures, the data essentially works out to a jaw dropping £8.8 million per hour, or £146,000 per minute, according to the report.

 

Creative sector adds whopping £146,000 per minute

Furthermore, the creative sector accounted for 5.6 per cent of all jobs in the UK and 8.8 per cent of total service related exports, the first time since records began that the creative industry employed more than five per cent of the workforce.

Indeed, the health of the creative sector can undoubtedly be hailed as ‘booming’.

“The UK’s creative industries are recognised as world leaders around the globe and today’s figures show that they continue to grow from strength to strength,” said Sajid Javid, the UK’s culture secretary.

While Caroline Norbury, chief executive of Creative England, said: “These figures show unequivocally that the UK’s creative industries are growing faster than any other major industrial sector.”

 

Tax reliefs should increase foreign investment

Key sectors within the industry were the ITm software and computer services group, which added a little over £35 billion to the overall total.

It’s no surprise that part of the government’s long-term economic plan is to support this sector, as it implemented tax reliefs that aim to boost foreign investment in the UK’s creative industry, and the year ahead should see a variety of creative highlights in music, film, TV and the gaming industry.

“2015 is set to be an exciting year with so many highlights to come. We’re well placed to continue to secure the UK’s place as a leading global hub for the Creative Industries for the decades to come,” said Nicola Mendelsohn, industry co-chair of the UK Creative Industries Council.

Thiago Kiwi

Thiago is the LSBF Blog Editor who manages news and features content on the site, and writes about business, finance, technology, education and careers.

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