UK creative industries worth record £10m ‘per hour’

Department for Culture Media and Sport

Britain’s creative industries are worth almost £10m an hour to the economy, according to latest government statistics.

New research from the department for culture, media and sport found that the UK’s creative industries grew by 8.9 percent in 2014 – almost double the economy as a whole – to generate £9.6m per hour.

That amounts to £84.1bn gross value added (GVA), with homegrown films, music, videogames, crafts and publishing taking a lead role in driving our economic recovery.

The creative sectors now account for 5.2 percent of the overall economy, with jobs within the industries rising by 5.5 percent to 1.8 million from 2013 to 2014.

The research also suggests that success will last, with a strong line-up of British creativity in 2016 promising another blockbuster year ahead. Radiohead’s forthcoming album, plus releases from Daughter, Elton John, Mystery Jets and Birdy, all get a special mention.

Ed Vaizey, minister for culture, said: ‘The creative industries are one of the UK’s greatest success stories, with British musicians, artists, fashion brands and films immediately recognisable in nations across the globe.

‘Growing at almost twice the rate of the wider economy and worth a staggering £84 billion a year, our creative industries are well and truly thriving and we are determined to ensure its continued growth and success.’

The report added that government is working to create the right environment for creative industries to thrive, through tax reliefs, inward investment and safeguarding music and cultural education programmes.

For the full report, please see https://www.gov.uk/government/statistics/creative-industries-economic-estimates-january-2016