Shadow Chancellor for the Conservative Party, and Arts & Business Board member, George Osborne today gave a speech on the significance of culture and the importance of culture to the UK economy. Even though we know the facts and figures around the economic value of culture may be well-known to some, it is still worth seeing them together.
The Tate Modern generates £100 million in economic benefits for the UK each year. 80% of visitors to the UK cite cultural attractions like the Tate as the main purpose of their visit.
Across the UK, more than two million people are employed in the creative industries, which now contributes twice as much to our balance of trade than the pharmaceutical sector does. The DCMS report that the creative industries contributed 6.4% to the GVA in 2006.
Over the past decade, the creative industries have grown twice as fast as the rest of the economy. In London, even during the financial boom, one in five new jobs was in this sector.
On reading these figures, it becomes clearer that if we are to see sustainable economic growth in the UK in the years ahead, the creative and cultural industries will have to play a leading role.
George Osborne's Speech to the Tate Family Conference