New figures suggest creative industries worth £84 billion to UK economy

New figures suggest creative industries worth £84 billion to UK economy

The UK’s creative industries are now worth a record £84.1 billion to the UK economy, according to figures published by the Department for Culture, Media and Sport.

The sector includes film, music, video games, crafts and publishing, and the latest figures suggest that it is growing at almost twice the rate of the wider UK economy - generating £9.6 million per hour.

Minister for Culture, Ed Vaizey, 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’.

A Government press release claimed that it ‘continues to create the right environment for creative industries to thrive, through tax reliefs, inward investment, and safeguarding music and cultural education programmes.’

Responding to the news, Tom Thackray, CBI Director for Competitive Markets, stated: ‘Whether it’s our world-beating music industry or helping to deliver the next blockbuster film, the UK’s creative industries are in vibrant health and a critical element of our economy.

‘Creative industries form some of our most successful exporting businesses, showcasing the strength of the British brand abroad.

‘But global competition is a concern and there is no room for complacency. To help make sure the UK stays on the front-foot, our creative industries need the Government and business working in sync to best support their efforts.’