Creative Industries United Kingdom

Population: 63,742,977 (July 2014 est.)
Internet country code: .uk
Capital: London



UK: FlagFlag description:
blue field with the red cross of Saint George (patron saint of England) edged in white superimposed on the diagonal red cross of Saint Patrick (patron saint of Ireland), which is superimposed on the diagonal white cross of Saint Andrew (patron saint of Scotland); properly known as the Union Flag, but commonly called the Union Jack; the design and colors (especially the Blue Ensign) have been the basis for a number of other flags including other Commonwealth countries and their constituent states or provinces, and British overseas territories

note: the design and/or colors are similar to a number of other flags, including those of Belgium, Chad, Cote d’Ivoire, Ireland, Italy, Luxembourg, and Netherlands

Government:
Official website: gov.uk
National tourism agency: visitbritain.org

View from the top of the Victoria Tower Westminster, London, England. ©VisitBritain - James McCormick

View from the top of the Victoria Tower Westminster, London, England. cVisitBritain – James McCormick

United Kingdom of Great Britain and Northern Ireland

The United Kingdom has historically played a leading role in developing parliamentary democracy and in advancing literature and science. At its zenith in the 19th century, the British Empire stretched over one-fourth of the earth’s surface. The first half of the 20th century saw the UK’s strength seriously depleted in two world wars and the Irish Republic’s withdrawal from the union. The second half witnessed the dismantling of the Empire and the UK rebuilding itself into a modern and prosperous European nation. As one of five permanent members of the UN Security Council and a founding member of NATO and the Commonwealth, the UK pursues a global approach to foreign policy. The UK is also an active member of the EU, although it chose to remain outside the Economic and Monetary Union. The Scottish Parliament, the National Assembly for Wales, and the Northern Ireland Assembly were established in 1999. The latter was suspended until May 2007 due to wrangling over the peace process, but devolution was fully completed in March 2010.

Economy of United Kingdom

The UK, a leading trading power and financial center, is the third largest economy in Europe after Germany and France. Over the past two decades, the government has greatly reduced public ownership. Agriculture is intensive, highly mechanized, and efficient by European standards, producing about 60% of food needs with less than 2% of the labor force. The UK has large coal, natural gas, and oil resources, but its oil and natural gas reserves are declining and the UK became a net importer of energy in 2005. Services, particularly banking, insurance, and business services, are key drivers of British GDP growth. Manufacturing, meanwhile, has declined in importance but still accounts for about 10% of economic output. After emerging from recession in 1992, Britain’s economy enjoyed the longest period of expansion on record during which time growth outpaced most of Western Europe.

In 2008, however, the global financial crisis hit the economy particularly hard, due to the importance of its financial sector. Falling home prices, high consumer debt, and the global economic slowdown compounded Britain’s economic problems, pushing the economy into recession in the latter half of 2008 and prompting the then BROWN (Labour) government to implement a number of measures to stimulate the economy and stabilize the financial markets; these included nationalizing parts of the banking system, temporarily cutting taxes, suspending public sector borrowing rules, and moving forward public spending on capital projects.

Facing burgeoning public deficits and debt levels, in 2010 the CAMERON-led coalition government (between Conservatives and Liberal Democrats) initiated a five-year austerity program, which aimed to lower London’s budget deficit from about 11% of GDP in 2010 to nearly 1% by 2015. In November 2011, Chancellor of the Exchequer George OSBORNE announced additional austerity measures through 2017 largely due to the euro-zone debt crisis. The CAMERON government raised the value added tax from 17.5% to 20% in 2011. It has pledged to reduce the corporation tax rate to 21% by 2014. The Bank of England (BoE) implemented an asset purchase program of £375 billion (approximately $605 billion) as of December 2013. During times of economic crisis, the BoE coordinates interest rate moves with the European Central Bank, but Britain remains outside the European Economic and Monetary Union (EMU).

In 2012, weak consumer spending and subdued business investment weighed on the economy, however, in 2013 GDP grew 1.4%, accelerating unexpectedly in the second half of the year because of greater consumer spending and a recovering housing market. The budget deficit is falling but remains high at nearly 7% and public debt has continued to increase.

GDP (purchasing power parity):
$2.387 trillion (2013 est.)
country comparison to the world: 9
$2.343 trillion (2012 est.)
$2.341 trillion (2011 est.)
note: data are in 2013 US dollars

Creative Industries Federation

The Creative Industries Federation is the new representative body of the UK’s arts, cultural and creative industries. As a membership organisation, the CIF represents the views of the UK’s creative industries, while challenging and assisting the sector to stay ahead of the international competition.
learn more

Create UK

Create UK is a series of events and initiatives highlighting the role of the UK creative industries as an economic force and source of global influence. The programme includes the launch of the Creative Industries Council’s strategy report (see below) outlining a vision of industry and government working together to develop the UK’s creative industries to their full potential to 2020 and beyond, and an international action plan developed by UK Trade & Investment.

Create UK Creative Industries Strategy 2014
Download the report outlining the context, recommendations and success measures for ensuring the UK’s creative industries remain a success story.
thecreativeindustries.co.uk


UK and China creative industries deals to benefit UK economy
Deals around film, TV, healthcare and tourism have been announced at the GREAT Festival of Creativity in Shanghai, which was opened 2 March 2015 by the Duke of Cambridge as part of his royal tour.
techworld.com/uk-china-creative-industries-deals-benefit-uk-economy

Forbes names London as Most Influential City in World
Oct 2014 – A preferred domicile for the global rich, London is not only the historic capital of the English language, which contributes to its status as a powerful media hub and major advertising center, but it’s also the birthplace of the cultural, legal and business practices that define global capitalism. London hosts the headquarters of 68 companies on the 2012 Forbes Global 2000 list and is a popular location for the regional HQs of many multinationals.

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