Economic impact of arts and culture

New reports show 10% jump in arts & culture’s economic contribution in a single yearTwo new independent reports commissioned by Arts Council England highlight significant economic growth in arts and culture. Based on figures derived by the Centre for Economic and Business Research, in 2015 the arts and culture industry grew by 10.4%, (£10.7bn in 2014 to £11.8bn in 2015), five times more than the UK economy which grew by 2.2% (GDP). The culture sector generates £2.6bn for the Exchequer, equating to £5 of tax contributed for every £1 of public funding provided to the industry.

The report also shed light on the draw of British arts and culture abroad. In 2013 £5.2bn of arts and culture goods and services were exported or sold to tourists here. 84% of these went outside the European Union.

A further report by SDG, suggests the economic impact of arts and culture could be even greater. The report explores the ways in which other creative industries rely on the arts and culture industry. For example:
• Games companies regularly use Intellectual Property produced by artists, and rely on talent from art colleges in their workforce.
• Film and TV publishers work closely with musicians and composers, with music for Hollywood film trailers.
• Architects often work with artists at concept and design stages to create an identity for buildings and spaces.
Sir Nicholas Serota, Chair, Arts Council England said: “These figures demonstrate that the arts and culture industry continues to play a vital and increasing role in the UK economy. These reports demonstrate the need to maintain investment into arts and culture and into cultural education and training.”

Arts Minister John Glen said: “These reports demonstrate the importance of the UK’s arts and culture sector to the prosperity of the UK economy. Not only does arts and culture have a positive impact on the lives of individuals who participate, but it demonstrates how far public investment in the arts goes to stimulate growth in the creative industries - be that film, video games or architecture."

Source: AD:UK

For more information visit http://www.artscouncil.org.uk/economic-contribution?mc_cid=ad4a79dd46&mc_eid=3b7c4bd4ab