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UK Contractors: Creative industries worth £8m an hour to the economy

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For all UK contractors trading in the creative sector – the industry is now worth an incredible £71.4 billion per year to the economy.

Official statistics released by the government has revealed that the creative industry has experienced growth of almost 10%, outperforming all other sectors of UK industry.

Contractors working in the creative industry, which includes film, television and music, will also be interested to hear that this sector accounted for 1.68 million jobs – 5.6% of all UK jobs.

The findings show that the industry is now worth a staggering £71.4 billion per year to the UK economy – this means that it generates just over £8 million an hour. 

Secretary of State for Culture, Media and Sport, Maria Miller said, “These incredible statistics are confirmation that the Creative Industries consistently punch well above their weight, outperforming all the other main industry sectors, and are a powerhouse within the UK economy.

“We are committed to ensuring that the energy, innovation, skills and talent existing in this dynamic sector continues to translate into economic success, and provide a remarkable platform from which, we can showcase Britain to the world. 

Creative Industries Council Chair, Nicola Mendelsohn also commented on the findings, “These figures amply demonstrate the huge contribution our sector makes to the economy and it’s vital that the right framework is in place to nurture and support the industry.

“We are working with Government on developing a growth strategy for the sector which will identify how all involved can ensure the creative industries continue to go from strength to strength.”

What’s life really like as a contractor? Visit our Life as a Contractor case studies hub for real life stories on working through your own Limited company, taking money out of your Limited company, understanding IR35 and much more. 

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