By Vivienne Russell | 7 May 2013
Spending on arts and culture generates a higher return per pound than investments in health, wholesale & retail trade and professional services, according to research published today.
The Centre for Economics and Business Research analysed the contribution of arts and culture to the national economy on behalf of the Arts Council England.
It found that the 0.1% of government spending invested in the arts added 0.4% to gross domestic product. At least £856m per annum of spending by tourists visiting the UK can be directly attributed to arts and cultural attractions.
The report also found that the contribution made by arts and culture has increased since the 2008 economic downturn.
Commenting on the findings, Alan Davey, chief executive of Arts Council England, said: ‘We fund arts and culture because it has a unique ability to fire our imaginations, to inspire and entertain us.
‘But at a time when public finances are under such pressure, it is also right to examine all the benefits that investment in arts and culture can bring – and to consider how we can make the most effective use of that contribution.’
Today’s report follows one published by the Local Government Association in March, which argued that council spending on arts programmes generated £4 for every £1 invested.
