UK creative sector could be worth £128.4 billion by UK economy by 2025
The UK’s booming creative industries could be worth £128.4 billion to the UK economy by 2025 and help to create up to 1 million new jobs by 2030 according to an independent review of the sector published last week.
The review led by the current Chair of ITV Sir Peter Bazalgette, outlines key recommendations for how the creative industries can underpin the UK’s future economic growth.
It highlights how the sector is continuing to outperform other sectors in terms of employment, having already grown 300,000 jobs between 2011 and 2015.
The review makes a number of recommendations on how government and the Creative Industries can work together to remove barriers to growth.
It spans issues from access to finance, intellectual property, trade and creative clusters – areas with high concentrations of ambitious companies who will drive regional growth.
Sir Peter Bazalgette comments: “In every scenario the Creative Industries are set to be of central importance to the UK’s future success. We have two great assets: the English language and our creativity, but the skills and business models of this sector are of increasing importance.
“My report recommends simple ways of maximising the potential of this crucial sector which I’d like to see become part of the government’s developing Industrial Strategy.
“I urge government to ensure the final strategy is based on a fundamental understanding of what these industries need to thrive.”
Nicola Mendelsohn, Vice President for Europe, the Middle East and Africa at Facebook and chair of the Creative Industries Council, said: “On behalf of the Creative Industries Council, I welcome Sir Peter Balzalgette’s report, which makes clear how vital our industries are to the economy of the 21st century, and frames an exciting ambition for growth and jobs over the next decade.
“Sir Peter has identified some important priorities for action: we strongly share his desire to promote innovation, intellectual property and access to finance for growing creative enterprises; to support growth in international trade and creative clusters around the UK; and to secure the pipeline of diverse talent which our industries need in order to thrive.”