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Our creative powerhouse

The creative industries are the heart (and soul) of the UK’s culture, its international reputation and some of its most exciting businesses, says Shaun Beaney. They are the subject of a new guide by ICAEW and the Creative Industries Federation

The creative sector is a big part of life in the UK – nationally, regionally, in our communities, schools and colleges. After all, it encompasses film, TV, music, radio, computer games, publishing, design, fashion, the fine arts and the performing arts.

It also provides creative ideas, skills and talent to manufacturing, high-tech, media, advertising, leisure and retail. The creative industries play a leading role in Britain’s ‘knowledge economy’, and form part of the country’s competitive advantage.

For example, the UK leads the world in its ‘soft power’ – its non-financial and non-military influence and attractiveness. According to recent research by Portland Communications, Facebook and ComRes, Britain’s cultural reputation is at the heart of that soft power, along with its digital influence and global engagement.

Meanwhile, the Department for Culture, Media & Sport reports that the creative industries contributed £76.9bn to the economy’s gross value added (GVA) measure in 2013 – and accounted for 1.8 million jobs.

This is an extract from Corporate Financier October 2015

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