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| Economic impact of funding for the arts | Economic impact of funding for the arts |
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| While this week's public spending review has reduced the immediate threat of slashed arts funding (Report, 27 June), we are writing to support the economic case for continued public financing of the arts as an important contribution to the strength of the economy, as requested by Maria Miller, the secretary of state for culture. Broadly defined commercial creative activities account for a formidable 10% of national output. Britain has a leading world position, as it has in financial and business services, pharmaceuticals, and the arms trade. With finance shrinking, this country can ill afford to neglect an area of such excellence that attracts the rest of the world to this country in such numbers. Tourist spending and its knock-on effects amount to at least 6% of our national output; this is simply the most obvious of the "multiplier" benefits of the arts to the economy. | While this week's public spending review has reduced the immediate threat of slashed arts funding (Report, 27 June), we are writing to support the economic case for continued public financing of the arts as an important contribution to the strength of the economy, as requested by Maria Miller, the secretary of state for culture. Broadly defined commercial creative activities account for a formidable 10% of national output. Britain has a leading world position, as it has in financial and business services, pharmaceuticals, and the arms trade. With finance shrinking, this country can ill afford to neglect an area of such excellence that attracts the rest of the world to this country in such numbers. Tourist spending and its knock-on effects amount to at least 6% of our national output; this is simply the most obvious of the "multiplier" benefits of the arts to the economy. |
| A recent report, The contribution of the arts and culture to the national economy, commissioned by the Arts Council from the Centre for Economics and Business Research, gives a well argued analysis of how the publicly funded arts, though a small part of the broader commercial creative sector, are crucial to germinating the talent and creativity that are its driving force. The need to encourage creativity goes further. The whole economy requires innovators if Britain is to have a prosperous future in an increasingly competitive world. To achieve the greatest potential of the economy requires giving full rein to this country's reserves of talent, of which artistic creativity is such a major part. Over time funding should perhaps shift more to local sources of finance; but right now the economy will benefit from its budget remaining well supported by the exchequer. A former secretary of this club, John Maynard Keynes, was instrumental in setting up the Arts Council and we regard public support for the arts as vital to our economy. Charles Dumas Secretary, Political Economy Club Ian Byatt John Chown Haruko Fukuda Charles Goodhart Peter Jay Rachel Lomax Peter Lyon David Marsh Douglas McWilliams Geoffrey Maynard Michael Nevin Peter Oppenheimer Alan Peacock Gordon Pepper John Plender Harold Rose Richard Sargent Peter Sinclair Robert Skidelsky Christopher Smallwood Peter Warburton | A recent report, The contribution of the arts and culture to the national economy, commissioned by the Arts Council from the Centre for Economics and Business Research, gives a well argued analysis of how the publicly funded arts, though a small part of the broader commercial creative sector, are crucial to germinating the talent and creativity that are its driving force. The need to encourage creativity goes further. The whole economy requires innovators if Britain is to have a prosperous future in an increasingly competitive world. To achieve the greatest potential of the economy requires giving full rein to this country's reserves of talent, of which artistic creativity is such a major part. Over time funding should perhaps shift more to local sources of finance; but right now the economy will benefit from its budget remaining well supported by the exchequer. A former secretary of this club, John Maynard Keynes, was instrumental in setting up the Arts Council and we regard public support for the arts as vital to our economy. Charles Dumas Secretary, Political Economy Club Ian Byatt John Chown Haruko Fukuda Charles Goodhart Peter Jay Rachel Lomax Peter Lyon David Marsh Douglas McWilliams Geoffrey Maynard Michael Nevin Peter Oppenheimer Alan Peacock Gordon Pepper John Plender Harold Rose Richard Sargent Peter Sinclair Robert Skidelsky Christopher Smallwood Peter Warburton |
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