The creative industries are growing at twice the rate of the wider UK economy and that’s very good news for London which is the heartland of the sector.
Latest government figures show that the UK’s creative industries grew by 8.9% in 2014, the strongest performance of any sector. They are now worth £84.1 billion a year to the economy.
The creative industries were defined by the government at the start of the century as those based upon individual creativity, skill and talent that have the potential to create jobs and wealth through the exploitation of intellectual property.
If that all sounds a bit technical it boils down to things like the music, film, TV, video games, visual arts and the fashion industry. It also includes architecture, craft and design companies. But the biggest part is IT, software and computer services.
There were 1.8 million jobs in the creative industries in the UK in 2014, when they were last counted, and most of them were in London. The last few years has also seen a substantial rate of growth in the East and West Midlands, the South West and the North East.
The creative industries account for 11.8% of the jobs in the London economy, a much higher proportion than any other regions. So, the continued success of this sector is particularly vital for the capital.