New economic modelling reveals that the creative industries are a catalyst for post-pandemic recovery, with the potential to create 300,000 new jobs and generate an extra £28bn in GVA for the UK economy by 2025.
Creative Industries Federation and Creative England, which together comprise the non-profit Creative UK Group, have today published The UK Creative Industries: Unleashing the power and potential of creativity. The report features independent analysis from Oxford Economics, which projects that, with the right investment, the sector could recover faster than the UK economy as a whole, growing by over 26% by 2025 and contributing £132.1 billion to the economy in GVA – over £28 billion more than in 2020, and more than the financial services, insurance and pension industries combined.
It also reveals that:
- By 2025, the creative industries could generate enough new jobs to employ the working-age populations of Hartlepool and Middlesbrough twice over.
- Prior to the pandemic, the creative industries directly supported more than 1 in 10 UK jobs.
- But with the impact of Covid-19 costing the creative industries £12 billion in GVA and more than 110,000 jobs, government must act now to avoid deep divisions, with key parts of the UK at risk of being left behind.
Bringing to life the sector’s power and potential, the report also features case studies from across the UK’s nations and regions, and voices including comedian and film entrepreneur Lenny Henry, former minister of state Jo Johnson, newly elected Mayor of West Yorkshire Tracy Brabin, KISS FM’s Swarzy Macaly and Maximo Park’s Paul Smith.
Ahead of the Comprehensive Spending Review, the report outlines nine recommendations for public policy and calls for investment into:
- Creative ideas to help us combat society’s biggest problems
- Creative industries to regeneration our places, driving job creation, economic growth, opportunity and community cohesion
- Creative skills to create future-proof jobs
The report and its recommendations were shaped by hundreds of creative businesses and practitioners from across the UK.
Download the report at: wearecreative.uk