Oxford Economics Report: Correction
On 17th June, the Creative Industries Federation published an independent report commissioned from Oxford Economics, The Projected Economic Impact of Covid-19 on the UK creative industries. This report was an instrumental part of our campaign calling on government for additional funding for the creative sector, leading to the announcement of an unprecedented £1.57 billion support package for arts and culture.
It has since been brought to our attention that there was an error in the interpretation of some of the data used to inform the report, specifically data provided by Arts Council England, which Oxford Economics understood as being solely from the museums, galleries and libraries sector, but which actually covered a wider remit.
This has the repercussion of amending the following figures:
Page 3 & 20: The Creative Industries (CIs) are projecting a combined £77bn turnover loss over the course of 2020 compared to 2019 (-31%). This is expected to translate into a GVA shortfall of £29bn in 2020 compared to 2019 (- 26%), over half of which is in London. (1)
Page 3, 25 & 26: In 2020, CIs are projecting a 122,000 drop in employment among employees and a further 287,000 job losses among self-employed workers, compared to 2019 levels. In total, 409,000 CIs jobs are considered at risk. (2)
Page 21: London is now projecting a £14.8 billion drop in Creative Industries GVA (3) and East of England a £2 billion drop in Creative Industries GVA. (4)
Page 22: Yorkshire & the Humber is now projecteting a 4% GVA fall over the course of 2020. (5)
Page 26 & 27: 110,900 jobs are projected to be lost in London, 82,300 in the South East, 50,700 in the West Midlands, 47,800 in the North West, 43,300 in the South West, 41,500 in the East of England, 7,200 in Scotland, 1,900 in the North East and 1,500 in the East Midlands (down 2%). (6)
Page 43: Museums, galleries and libraries projected to lose £3.9bn in turnover compared to 2019 (-45%). (7)
The revised report can be downloaded here.
(1) Previously projected as £74 billion (30%), with a 25% drop in creative industries GVA
(2) Previously projected as a 119,000 drop in employment amongst employees, equating to 406,000 creative jobs lost in total
(3) Previously projected as £14.6 billion
(4) Previously projected as £1.9 billion
(5) Previously projected as 3%
(6) Previously projected as London: 109,800; South East: 81,800; West Midlands: 50,700; North West: 47,600, South West: 43,100; East of England: 42,200 (down 1%); Scotland: 6,900; North East: 1,800 and East of England: 1,300
(7) Previously projected as £743 million (down 9%)