Economic insight into the UK creative industries

On the 21st July, the Creative Industries Federation (a membership body which represents, champions and supports the UK’s creative industries) published a report commissioned from Oxford Economics entitled ‘Developing economic insight into the creative industries’.

As this is an economic report into pre, and post-covid performance and prospects, it is full of v-shaped graphs but it also has a lot of useful data about the economic performance of particular sectors as well as of UK nations and regions. It quotes the OECD saying…

“The downsizing of creative sectors is likely to have a negative impact on cities and regions not only in terms of jobs and revenues, but also on the levels of innovation, citizen wellbeing, and the vibrancy and diversity of communities.”

The report makes the case for investment in the creative sector as a engine for post-covid economic bounceback.

“…in order to maximise the creative industries’ ability to contribute toward the UK’s post-pandemic regeneration, government investment and support is needed.”

It continues….

“Under this more ambitious scenario, capital expenditure and intangible investment is projected to grow by 20% in real terms from 2019 levels (as opposed to 10% in our baseline scenario). In this scenario, we estimate that the UK creative industries direct contribution to GDP could rise to £132.1 billion (in 2019 prices) by 2025, with industry employment of 2.3 million. While our analysis does not differentiate the impact of this additional investment by region or creative segment, we believe the nine creative clusters would be major beneficiaries, both directly and indirectly.”

It also concludes that…

“Under our baseline scenario, we expect that by 2025, the creative industries could directly create 2.2 million jobs and £127.2 billion in GVA (in 2019 prices).”

It’s not published openly (CIF members have a copy) but I have one and can use it to develop any reports members or officials would like. Aside from the usual introduction, executive summary, and conclusions there are detailed reports on the following:

  • The state of the UK creative industries before Covid-19
  • The direct impact of the UK creative industries
  • The indirect impact of the creative industries
  • The total economic footprint of the creative industries
  • UK creative industries outlook
  • The big picture
  • Outlook by creative segment
  • Outlook by region
This entry was posted in Economics, Employment, EU & Brexit, Factual & Entertainment sector data, Feature film data, Film & TV industry data, High End TV data, Productivity, Skills & capacity and tagged , . Bookmark the permalink.

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