Arts in Square Mile ‘generate £291m and support 7,200 jobs’

 
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Louise Jury24 January 2013

Arts and culture in the City of London generated £291 million last year and were responsible for supporting 7,200 jobs, according to a new report.

Venues such as the Barbican and Museum of London and events such as the City of London Festival offered valuable services and attracted additional visitor expenditure on accommodation, food, drink and souvenirs, the study for the City of London Corporation said.

BOP Consulting concluded that culture was a major net contributor to the economy to the tune of £225 million for 2011/12 — even allowing for public funding from the Arts Council, Greater London Authority and the Corporation. The consultants described this as “impressive”.

The international nature of the cultural output was a “unique asset”, they added. International artists from Valery Gergiev, the Russian principal conductor with the London Symphony Orchestra, to American jazz star Wynton Marsalis appeared in 285 musical performances.

And it helped bring “vibrancy and diversity” and make the City a “world class arts and culture cluster” alongside the South Bank, West End and the Exhibition Road museums.

More than half of the cultural visitors were from overseas with 27 per cent from London and others from elsewhere in the UK.

Alderman Roger Gifford, London’s Lord Mayor, said: “The City of London remains a leading financial centre. This report shows just how much it is also a leading centre for arts and culture.”

Cultural activity not only enriched the lives of residents and workers but provided jobs and educational opportunities, he added.

More than 230,000 children and young people took part in outreach sessions last year as well as more than 80,000 adults. Another 1,100 people volunteered within City arts and culture organisations.

The report includes organisations within the City boundaries but also those owned by the Corporation or lying adjacent to its boundaries such as Tower Bridge, which it owns, and the Spitalfields Festival, which it supports.

The consultants said they have been conservative in what they have counted. The figure of £291 million gross value added (GVA) does not include any money they believe would have been spent in the City even without the arts.

And they note that the full economic benefits of, for instance, training performers at the Guildhall School of Music and Drama are only realised “once the next Daniel Craig hits the big screen”.

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