Arts and culture emerge as being central to the UK’s economy

The value of arts and culture to British society has long been debated and despite fears that recent cuts in it’s public funding would lead to huge losses, a major report carried out by The Creative Industries Federation has revealed that the contribution of arts and culture to the British economy has increased by 36% in the past three years by contributing £7.7 billion annually.

Book publishing was found to be the most productive subsector, accounting for more than a quarter of arts and culture turnover. Performing arts emerged as the second most productive subsector, while museums were found to be contributing approximately £1.45 billion to the national economy every year.

Employment in arts and culture increased by 5% between 2013 and 2014, with one in 12 jobs in the UK now being in creative fields. The report also found that workers in support activities to the performing arts contributed on average £105,7000 each to the economy in 2013.

Many believe that arts and culture hold great importance in our in everyday lives and are not only beneficial to the economy but also to our health and wellbeing. In an evidence review published by Arts Council England, it was found that ‘those who had attended a cultural place or event in the previous 12 months were almost 60 per cent more likely to report good health compared to those who had not’.

With every pound of public money invested in arts and culture in the UK, an additional £1.06 is generated for the economy. Chief of the Creative Industries Federation, John Kampfner, said that public money was vital for supporting the continued prosperity of the arts sector, which he claims is ‘absolutely central to our economy, our public life and our nation’s health’.