Creative sector outperforms others in higher growth and employment
According to the latest Bazalgette review, the creative sector is a leading UK industry in terms of higher growth and employment, bringing in over £87.5 billion for the UK economy.
The independent research, which outlines suggestions for how the Government can tackle barriers to creative sector growth, has found that between 2010 and 2015 the sector grew by 34 per cent, the fastest rate in comparison to other sectors.
In addition, creative companies in 2015 generated £87 billion Gross Value Added (GVA) for the UK economy – over five per cent of that year’s figures.
Creative sector employees have also been found to be highly resilient. Whilst other sectors have concerns over employee automation, it is reported that 87 per cent of creative workers in the UK are at either low or no risk.
Leading researcher, Sir Peter Bazalgette, said: “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.”
Future predictions for the industry are positive and it is believed that if certain barriers are addressed, the sector could generate £128.4 billion by 2025.
By 2030, creative companies could generate as many as one million new jobs.
To ensure that the sector moves in this direction, the review has asked the Government to work with the industry to encourage Research and Development (R&D) investment, explore innovative approaches to data transparency, explore ways in which access to finance can be made easier, encourage the development of talent programmes for young people, encourage screen industry research and help establish a new International Trade board and Creative Industries Observatory.