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“I find economics increasingly satisfactory, and I think I am rather good at it.”– John Maynard Keynes

Tuesday 2 March 2021

Short article on the economic contribution of the arts

The Times view on support for the arts: Golden Goose

The remarkable success of Britain’s creative industries needs to be nurtured

The Times
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It was a spectacular night for the British television and film industry — and not just because of the efforts that some of the country’s biggest stars had made to dress for the occasion, even while participating remotely from their homes via Zoom. Not for the first time, British talent scooped many of the biggest prizes at the Golden Globes ceremony, the first of the major industry awards of the year. The Crown won four gongs, including best actress for Emma Corrin for her portrayal of Princess Diana and best actor for Josh O’Connor, who played Prince Charles in the Netflix drama. Other British winners included Sacha Baron Cohen, Rosamund Pike and John Boyega.

It’s a reminder, if one were needed, of not only the extraordinary vibrancy of Britain’s creative industries but the remarkable contribution that they make to the economy. This is a sector that broadly defined employs more than two million people across film, television, music, theatre and galleries and which, before the pandemic, was growing five times faster than the wider economy. In 2018 it contributed more than £100 billion to GDP and generated £35 billion of exports. In recent years it has drawn substantial investment, not least from studios looking to tap British skills and talent.

Nurturing this sector should be a priority for the government. It is right, therefore, that Rishi Sunak, the chancellor, is to provide a further £400 million on top of last year’s £1.5 billion lockdown support package for the arts in this week’s budget. This will go some way to sustain the rich cultural ecosystem that includes grassroots music and theatre upon which Britain’s global creative success depends. But the sector must also now contend with a post-Brexit trade deal that makes it harder for British artists to work on the Continent. Ministers must help the industry to overcome these obstacles too if the golden goose is to continue to lay its eggs

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