An independent report commissioned by the Department of Culture, Media and Sport has said that the value of Britain’s flourishing creative industries to the economy is now broadly comparable to that of the financial services sector.

The Work Foundation, who produced the report, looked at the nature, role and scope of our creative industries, which was categorised into thirteen sectors – advertising, architecture, publishing, radio and television, design, film, music, software and computer services, computer games, designer fashion, crafts, performing arts and arts and the antique market.

“These sectors are all very different,” said Will Hutton, chief executive of The Work Foundation, “but what they have in common and what sets them apart is that they commercialise expressive value – they profit from creativity, cultural meaning and symbolism.”

The report, entitled “Staying Ahead: The Economic Performance of the UK’s Creative Industries”, warns that without careful policy making, targeted public investment and supportive institutional architecture the flow of creativity worth commercialising may begin to slow.

In response to the findings Culture Secretary Tessa Jowell said, “This analysis shows how vibrant – and economically important – our creative industries are. It reinforces how vital government investment in creativity is, nurturing talent which in turn creates jobs and economic success.”

A full copy of the report is available at The Work Foundation website.

W: www.theworkfoundation.com