A new report highlights a concerning downturn in the UK’s creative arts and entertainment sector, with figures showing a dramatic 15% contraction in the last half of 2024.
According to analysis by the performers’ union Equity, based on data from the Office of National Statistics (ONS), the sector’s contribution to the national GDP has fallen significantly, marking a troubling trend for arts and culture in the country.
Since the Labour Party took office in July, following 14 years of Conservative rule, the arts and entertainment industry has experienced a 15% cumulative drop in GDP. This equates to an average monthly reduction of 3.7%, with the steepest decline occurring in October, at 4.6%. In contrast, the overall UK GDP contracted by just 0.1%, underscoring the sharper decline in the cultural sector.
“The rapid and significant shrinking of the arts and entertainment industries since Labour took office is alarming,” said Paul W. Fleming, Equity general secretary. “Government must take urgent action to understand and address this fall happening on their watch, set out a roadmap to reach the European average of investing 0.5% of GDP in the arts.” “Investment in arts jobs and infrastructure, which focuses on the significant economic benefits that UK film, TV, live performance and productions bring to the whole country, will pay dividends,” Fleming said.
Equity also noted the varying responses across the UK’s four nations regarding arts funding. Fleming highlighted Scotland’s “welcome Budget investment,” but pointed out that Wales has failed to counteract the 40% funding cuts it has experienced over the past decade. Northern Ireland’s government is expected to announce its budget in February 2025.
Equity emphasizes the broader economic value of investing in the arts, citing research from Arts Council England that shows for every £1 generated directly by the arts and culture industry, an additional £1.23 of turnover is supported in the wider economy.
