Law firm backs CBI’s creative industries call | 23 July 10
CREATIVE industries experts at leading law firm Ward Hadaway have welcomed a call from the CBI for the Government to do more to boost the UK’s creative sector.
The business group wants the Government to deliver a clear strategy to ensure the UK’s creative industries can flourish and help lead the economic recovery.
In its new report - Creating growth: A blueprint for the creative industries - the CBI stresses the vital economic contribution of creative industries, including TV, film, art, fashion, media and design, pointing out that they:
- contribute between 6% and 8% of GDP
- account for £16bn of overseas trade each year
- employ nearly two million people
- significantly enhance the UK’s cultural reputation globally, underlining the vitality of the UK economy.
The report says the sector can play a crucial role in reviving the UK economy and delivering high growth, but it can only do so given the right conditions by Government.
Laura Harper, partner and head of the creative industries team at Ward Hadaway, said: “It is really encouraging to see such a powerful and influential body getting behind the creative sector, championing its successes and recognising the big role it has to play in economic revival.
“There is no doubt that we have one of the most vibrant and exciting creative sectors anywhere in the world, but there are areas in which creative enterprises do need additional support to reach their true potential.
“This is particularly true in the case of intellectual property, where the CBI has called for greater certainty and more involvement by the Government in international forums.
“At Ward Hadaway, we work with some of the most creative people in the UK to help them make the most of their talents so we will watch with interest to see how the Government responds to the CBI’s ideas.”
The CBI says Government action should focus on the following areas:
- On competition policy, a modern, forward-looking regime is needed to reflect the new digital environment.
- On skills, government policy should include what is needed by creative businesses and ensure these are being delivered by the education system.
- On intellectual property, the Government must provide certainty about the IP regime so companies can derive value from their rights. It must also be active in international forums, since IP is a global issue.
- On tax, a competitive framework is needed that promotes start-ups, innovative and high-growth businesses. Given that many creative businesses are highly mobile, policies are needed to ensure talent does not go elsewhere.
- On the finance front, it can be difficult for creative firms to access the capital they need to get their products off the ground, especially when they can come with unproven revenue streams. The Government must work to ensure that access to finance does not become a barrier to growth for creative industries.
- On infrastructure, there needs to be a policy framework that will encourage market-led investment in quality, high-speed internet.
CBI President Helen Alexander said: “Our creative industries are critical for rebalancing the economy, reducing the deficit and delivering growth, but the sector is in the middle of structural change. The spread of digital technology and the growth of the online environment mean business models are shifting fast.
“Making sure our creative industries remain world leaders will require action from the Government to deliver the right business environment for the sector to flourish.”
Ward Hadaway’s Creative Industries team works with a range of enterprises across the creative, digital and media spectrum.
Clients include technology companies, games developers, international artists, advertising and design agencies, film companies, musicians and producers.
* Find out more about our Creative Industries services.