Following the publication of The Projected Economic Impact of Covid-19 on the UK Creative Industries, the Creative Industries Federation has warned a “cultural catastrophe” could be imminent.
The freshly published research forecasts a GVA shortfall of £29 billion, with 119,000 permanently employed workers within the creative industries set for redundancy and 287,000 freelance roles to be terminated by the end of 2020.
Specifically focusing on museums and galleries, the report suggests that institutions could lose £743 million in revenue and around 4,000 jobs. This could, it adds, be mitigated by reopening in July.
Geographically, London is projected to experience the highest drop in GVA – a £14.6 billion shortfall – but that is due to it being by far the biggest region for cultural expenditure. Scotland and the North East of England are predicted to experience the harshest percentage drops, at 39% (£1.7 billion) and 37% (£400 million) respectively.
“With the economic impact of Covid-19 hitting hard, the role of our creative industries has never been more critical. As well as being a huge driver of economic growth in every part of the UK, our creative and cultural sectors bring communities together, they employ millions and are at the heart of our soft power,” states Caroline Norbury MBE, CEO of the Creative Industries Federation.
“These are the industries of the future: highly innovative, resistant to automation and integral to both our cultural identity and the nation’s mental health. We’re about to need them more than ever.”