The “cultural catastrophe” will lead to 406,000 job losses in the creative sector
КThe Royal Festival Hall at South Bank Centre, London. Source: Wikipedia
A new report by the analytical company Oxford Economics projects that the UK’s cultural industry will lose £74 billion in 2020 due to the COVID-19 pandemic. The losses are twice as large than those in other sectors. Job cuts will affect one in five in the creative sector, News Artnet reports.
The loss will have a devastating effect on the economy at large. Before the pandemic, over 2 million people worked in the creative sector, generating £111.7 billion, which is more than the automotive, aerospace, life sciences and oil and gas industries generate together.
The current decline is 25%, or £29 billion. Researchers expect around 406,000 creative jobs to be lost this year, more than nine times the entire workforce of British Airways.
Caroline Norbury, the head of the Creative Industries Federation, calls on the government to increase its support for the creative industries with a cultural renewal fund.Subscribe to our mailing list: