CBI launches creative industries growth strategy
The CBI – the UK’s premier business lobbying organisation – has launched a new strategy for creative industries – The Creative Nation – which outlines how the Government and industry can work together to help this sector build on its current success.
According to the CBI, creative industries, including film makers, video game developers and fashion designers, already make a vital contribution to the UK economy, accounting for £36 billion (€43.5bn) in Gross Value Added (GVA) and around 1.5 million jobs.
Among the steps the CBI is calling for are action to protect intellectual property and a European Commission-backed tax credit for video games.
Katja Hall, CBI Chief Policy Director, said the UK’s creative industries were already world-beaters and make a huge contribution to the economy. “Now we need to build on this potential to help them achieve even greater global success. Artists like Adele and One Direction are renowned across the globe, and we believe the UK music industry has the potential to double its share of US album sales by 2025. We should keep thinking big, and with the right support our creative firms can continue to lead the world, create jobs and boost our economy.”
The CBI suggests that the UK’s creative industries are ahead of the game globally, but competition from abroad is increasing. To help creative firms continue to thrive, the organisation is calling on the Government and industry to build on existing progress with a coherent new strategy which includes the following action:
- Unequivocally commit to developing licensing models across the EU to protect businesses’ intellectual property
- Ensure creative firms can access the finance they need to grow
- Ensure the European Commission accepts a tax credit for video games
- Boost the development of in-work skills and ensure the apprenticeships system is suitable for creative industries
- Tilt the playing field to help creative businesses export and expand overseas
- Ensure the new Competition and Markets Authority is responsive to changes in product and geographic boundaries.
Jean-Benoit Berty, head of EY’s UK technology, media and telecommunications practice, said the creative industries were all too often overlooked when discussing economic affairs. “In reality they make a significant contribution to the UK’s economy and it would be good to see the Government shining a bigger spotlight on this sector and giving it the attention it desires. EY research shows that the UK is in danger of slipping behind international rivals, like Germany, on economic indicators such as new project start-ups. Now is the time to act to ensure this dynamic sector is safeguarded in a high competitive, fast-moving global economy.”
The CBI believes the UK has the potential to be the leading exporter across all areas of creative content by 2025, and can increase levels of inward investment across a full range of creative sectors.