Chancellor should invest in Britain’s thriving creative industries, says think tank
Sunday 12 January 2014
Chancellor George Osborne should prioritise investment in Britain’s thriving creative industries, such as the arts and advertising, according to a new report from think tank IPPR.
Although the UK economy has struggled for growth since financial crisis took hold in 2008, industries like design and entertainment have boomed. In 2012, the growth rate for the creative industries was 25 times greater than the UK economy as a whole, according to new Government figures,
But the sector is one of the worst affected by public sector spending cuts, among them the decision to abolish the UK Film Council in 2010.
“The Government is committed to a ‘march of the makers’ but is not taking seriously the impressive efforts of one of the fastest growing industries in the UK,” said Will Straw, associate director at IPPR.
“Given the rapid growth of this sector, which has been rapidly outstripping the rest of the economy since the financial crisis, there is a strong case for the creative industries to be prioritised by government. Eleven other sectors have been chosen but there seems to be little rationale for their inclusion while omitting one of Britain’s most thriving and exciting industries.”
In a report to be published next month, IPPR will recommend measures to spark growth outside of London, targeting Manchester for media and advertising, Teesside for gaming, Bristol for architecture and the West Midlands for design.
The booming creative industries sector accounts contributes £36 billion to the economy, according to the CBI. The sector accounts for more than 10 per cent of the country’s exports and 1.5 million jobs.
Last week the CBI published the ‘Creative Nation’ initiative, in which it outlined the importance of the creative industries sector.
“We must look to support our creative industries in fulfilling their potential as our economy evolves and adapts, making sure that the UK remains the key destination for creative firms to operate and do business,” the CBI said.
“Governments around the world are making overt plays to support their creative firms through targeted policy interventions. UK policymakers must build on existing progress by putting forward a coherent strategy to ensure that we stay ahead, particularly as the UK is in danger of slipping behind rivals like Germany on indicators such as new project start-ups.”
In support of the CBI’s new strategy, Jean-Benoit Berty, head of technology, media and telecommunications practice at accountant at EY, said: “The creative industries are all too often overlooked when discussing economic affairs. In reality they make a significant contribution to the UK’s economy and it would be good to see the Government shining a bigger spotlight on this sector.”
Instead George Osborne champions Britain’s manufacturing industry, which, despite growing 2 per cent in the last year, is down 10 per cent from its pre-recession output.
Apple has been hit by complaints about the 1.1GB download
Liam Neeson's Downton dreams
Thriller is set in the secret world of British espionage
Bomber jacket worn by Mary Berry sells out within an hour
Matt Smith is set to join cast of the Jane Austen classic - with a twist
Much-loved cartoon character returns - without Sir David Jason
Actress to appear in second series of the hugely popular crime drama
- 2 Scottish independence: Learn from Quebec's mistakes and beware of promises. Vote Yes.
- 3 A bottle of wine a day is not bad for you and abstaining is worse than drinking, scientist claims
- 4 Revealed after 75 years of secrecy: 'Fifi' the glamorous WW2 special agent who tested British spies' resolve
- 5 Have you heard about the film Singapore has banned its people from watching? Well, you have now
Thailand beach murders: Thai PM suggests 'attractive' female tourists cannot expect to be safe wearing bikinis
Scottish independence: Final opinion polls show undecided voters could swing result either way
Scottish independence: Almost half of No voters have felt 'personally threatened' by the Yes campaign
Isis release 'Flames of War' video warning Obama of attacks troops could face in Iraq
Hitler’s former food taster reveals the horrors of the Wolf’s Lair
Daniele Watts: Django Unchained actress detained by Los Angeles police after being mistaken for a prostitute
Scottish independence referendum: A nation divided against itself
The political class is doing what Hitler couldn’t – destroying Britain
Scottish independence: Nationalist leader Jim Sillars threatens pro-union companies with 'day of reckoning' after independence
Portuguese academic says British are 'filthy, violent and drunk'
Scottish independence: David Cameron is becoming the 'George Bush of Britain'
£24000 per annum: Ashdown Group: An established and growing IT Consultancy fir...
£45000 - £55000 Per Annum 31 days holiday, pension, healthcare, annual bonus: ...
£110 - £120 per day: Randstad Education Preston: We are looking for an experie...
£100 - £222 per day: Randstad Education Bristol: We are currently recruiting f...