Creative industries worth £8.8m an hour to UK
New figures reveal that the UK's Creative Industries, which includes the film and television industry, are now worth £76.9bn per year to the UK economy. This comes down to £8.8m an hour - an increase of 10% from the previous year.
The latest statistics come as 2015 looks set to be another bumper year for UK film and television industry, with predicted box office successes such as Spectre, Star Wars: The Force Awakens, Pan, Mission Impossible 5 and London has Fallen all using the UK as their main production hub.
The figures show the enormous impact the Creative Industries have on the treasury and wider UK economy. Not only do they drive growth and deliver a high return on investment, return also comes in the form of tourism and the long term effects of education.
The film, animation and high-end tax reliefs, introduced in 2013, have had an increasingly positive effect on production in the UK. A report entitled the CreateUK strategy which was published last year showed that the Gross Value Added (GVA) for the creative industries in 2012-13 increased by 9.9% - more than three times that of the UK economy as a whole, and higher than any other industry. Collectively the creative sector also accounted for 1.71m jobs in 2013, 5.6% of total UK jobs.
Sajid Javid, Secretary of State for Culture, Media and Sport, said: "The UK's Creative Industries are recognised as world leaders around the globe and today's figures show that they continue to grow from strength to strength. They are one of our most powerful tools in driving growth, outperforming all other sectors of industry and their contribution to the UK economy is evident to all."
He added that the government is determined to continue its support for the sector as part of their long-term economic plan, and set out how additions to the current tax relief structure - such as the recent inclusion of live-action children's TV - have been instrumental in attracting inward investment.
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