Arts’ economic value soars by 10.7% to £11.8bn
The value of the arts and culture to the UK economy jumped 10.4%, from £10.7bn in 2014 to £11.8bn in 2015, according to the latest figures.
“These figures demonstrate that the arts and culture industry continues to play a vital and increasing role in the UK economy” said Arts Council chair Sir Nicholas Serota. “These reports demonstrate the need to maintain investment into arts and culture and into cultural education and training.”
A report commissioned by the Arts Council is based on figures from the Centre for Economic and Business Research, and they show the sector growing at five times the rate of the UK economy. Culture generates £2.6bn for the Exchequers, worth £5 of tax contributed for every £1 of public funding.
The impact is also being felt in exports, r]=the reports says. In 2013 £5.2bn worth of arts goods and services were exported, 84% going outside the European Union.
A second report, commissioned by ACE from SDG, suggests the sector’s impact could be even greater, from gaming, film and television, and architecture