David Elms, Head of Media at KPMG, comments ahead of today’s Westminster Media Forum - “The UK's creative economy - Creating the conditions for growth seminar”: “Awareness is growing that the creative industries are one of the key sectors to ensure the UK’s long-term competitiveness and future growth.
We believe that a highly successful tech and creative industries sector has the potential to create thousands of jobs and will help underpin the growth of other industries in Britain.
“The Government has already demonstrated its commitment to the sector. Real measures have been put in place to foster the long-term growth of the creative industries in the UK. These include the Creative Sector Relief giving tax breaks to businesses in the games, TV and animation industries; cash repayable R&D tax credits and a new Patent Box regime, which means companies will benefit from a 10% tax rate on profits that are generated from the patents they own.“
But more needs to be done. The creative industries currently employ about 1,5 million people in the UK and represent 5.1% of the UK's workforce. They are responsible for about 10.6% of our exports and 2.9% of our GDP.* In order to thrive start-up companies need to be nurtured and supported all the way and the key to attracting new, innovative companies to the UK is to develop a start-up ecosystem that allows these companies to do exactly that.”
“This is one of the reasons KPMG recently announced plans to set up a dedicated team based in London’s ‘Tech City’ with the aim of supporting and promoting potential high growth companies. Our initiative aims to create another important layer in the UK’s developing start-up eco-system and we want to play an important part in that process.”
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Note to editors:
Figures according to the Creative Industries Economic Estimates Report 2011 http://www.culture.gov.uk/publications/8682.aspx
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This article represents the views of the author only, and does not necessarily represent the views or professional advice of KPMG in the UK.