David Elms, Head of Media at KPMG, comments ahead of today’s Westminster Media Forum - “The UK's creative economy - Creating the conditions for growth seminar”:
“Awareness is growing that the creative industries are one of the key sectors to ensure the UK’s long-term competitiveness and future growth. We believe that a highly successful tech and creative industries sector has the potential to create thousands of jobs and will help underpin the growth of other industries in Britain.
“The Government has already demonstrated its commitment to the sector. Real measures have been put in place to foster the long-term growth of the creative industries in the UK. These include the Creative Sector Relief giving tax breaks to businesses in the games, TV and animation industries; cash repayable R&D tax credits and a new Patent Box regime, which means companies will benefit from a 10% tax rate on profits that are generated from the patents they own.
“But more needs to be done. The creative industries currently employ about 1,5 million people in the UK and represent 5.1% of the UK's workforce. They are responsible for about 10.6% of our exports and 2.9% of our GDP.* In order to thrive start-up companies need to be nurtured and supported all the way and the key to attracting new, innovative companies to the UK is to develop a start-up ecosystem that allows these companies to do exactly that.”
“This is one of the reasons KPMG recently announced plans to set up a dedicated team based in London’s ‘Tech City’ with the aim of supporting and promoting potential high growth companies. Our initiative aims to create another important layer in the UK’s developing start-up eco-system and we want to play an important part in that process.”
Note to editors:
Figures according to the Creative Industries Economic Estimates Report 2011 http://www.culture.gov.uk/publications/8682.aspx
Katrin Boettger, Senior PR Manager
Tel: +44 207 896 4232 / 0782 4475168
KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and operates from 22 offices across the UK with over 11,000 partners and staff. The UK firm recorded a turnover of £1.7 billion in the year ended September 2011. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. We operate in 152 countries and have 145,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. KPMG International provides no client services.