Publicly funded arts bolster the UK economy
A newspaper report(Guardian) has revealed startling information about arts funding. It says that
spending public money on the arts was crucial, “not just for the good of society, but to nurture some of the best talent for our creative industries”.“There is nothing ‘nice to have’ about the arts and the creative industries, there is nothing tangential, nothing ‘soft’. They are central to our economy, our public life and our nation’s health.”
It reveals a surprising figure;
For every pound invested in arts and culture, an additional £1.06 is generated in the economy
The reports also include some striking statistics. For example:
• Arts and culture is worth £7.7bn in gross value added to the British economy – an increase of 35.8% between 2010 and 2013.In other words, when the government invests in art projects, it creates subsidiary jobs. E.g. If a new work is commissioned from a composer, jobs further down the line are created: the musicians who perform the new work; the staffing of the venue, catering etc.... The report assesses that it is worth an extra 6%(of the grant given) to the economy. It makes sense when you think about it.
• More than one in 12 UK jobs are in the creative economy, with employment increasing 5% between 2013 and 2014, compared with a 2.1% jobs increase in the wider economy.
• Britain invests a smaller percentage, 0.3%, of its total GDP on arts and culture than other countries. Germany invests 0.4%, the EU as a whole 0.5%, Denmark 0.7% and France 0.8%.