Creative & Cultural Industries:Economic Characteristics• Support 2million jobs in the UK• £600billion or 6.2% GVA – Particularly important to London – Financial Services = 8.3%• UK has the world’s largest creative sector as a share of the economy• Creative Industries grew by 5% per year, versus 3% for the whole economy• Exports of £16.6billion in 2007 – 4.5% of all goods and services exported • Biggest grouping – software, computer games and electronic publishing
Tourism Sector?• Accommodation• Attractions• Events and Conferences• Food and Beverage• Tourism Services• Transportation• Travel Trade• Adventure Tourism and Recreation
Tourism Sector: Economic Characteristics• Britain’s 5th largest industry• 3rd largest export earner• worth c£115 billion a year• Employs c2.6 million people• Supports over 200,000 SMEs• Overseas visitors contribute £3 billion to the Treasury every year.
Creative & Cultural Industries & Tourism Relevance to Economic Development?• Employment generation• New business formation• Supply chain development• Skills enhancement• Multiplier impacts• Community development• Place making, image & marketing• Demonstrating creative capacity
Creative & Cultural Industries & Tourism Relevance to Economic Development?• Synergy between Culture & Creative Industries & other sectors – Digital Technology – Business Services
Challenges - domestic• Cuts to public spending – Threat to places that have based regeneration strategies on cultural industries & creative quarters – Cuts to specialised education (e.g. Design)• Small companies – Difficult to raise finance for major change/development – How to protect intellectual property• Rapid pace of digital change
Challenges - international• Competition – China, Brazil, South Korea, Russia, Middle East• Strong national and regional policy• Significant funding• Quality• Rapid pace of development
Culture & Tourism• Drivers and facilitators of economic development and inward investment• How best to take this forward under challenging conditions?
Culture & Tourism As part of Regeneration?• Effective strategy• Resilient business models• Finance• Effective planning & physical regeneration• Well defined product targeted at a specific market segment• Understanding place context• Displacement
Culture & Tourism As part of inward investment?• Understanding what inward investors want?• Who are the target investors?• Matching offer to investor needs?• Demonstrating quality of life/place• Demonstrating availability of a high quality skills base
Culture & Tourism As part of International Competitiveness• Demonstrating the presence of a creative environment• Education and training• Space• The importance of design across the economy
Conclusions• Definition• Product• Business resilience• Legacy• Impact• Communication• Participation