Square Mile arts cluster contributes £247 million to the City economy
- The arts and culture cluster organisations in the Square Mile had a total economic impact on the City of London of £247 million in 2013/14
- Visitor numbers for these organisations rose by 9.9% over a two-year period to 8.5 million
- Crossrail could bring in another 991,000 visitors to the City arts and culture cluster.
New figures released today (4 December) from a report produced by BOP Consulting for the City of London Corporation show that the City’s world-leading arts and culture cluster had a total economic impact of £247 million in 2013/14. Measured in terms of job creation, this is equivalent to supporting between 6,600 and 7,060 full time equivalent jobs. The cluster organisations together brought in an estimated 8.5 million visitors in 2013/14, an uplift of 9.9% from the 2011/12 baseline figure, and the value of ticket sales for these organisations rose by 11% to £55.5 million.
The City arts and culture cluster includes St Paul’s Cathedral, the Barbican Centre, the London Symphony Orchestra, Guildhall School of Music and Drama, Museum of London, Tower Bridge, and the Tower of London among others.
As part of the report, the impact of Crossrail was examined. The authors found this could translate into an additional 991,000 visitors to the City each year when combined with public realm improvements and the development of the wider leisure and retail offer in the City.
Commenting on the launch of the report Mark Boleat, Policy Chairman for the City of London Corporation, said: “While we have all been long aware of the intangible value of the arts and culture to the City’s role as a world-leading financial centre, this report provides proof of their value beyond their obvious cultural merit. The cultural cluster supports jobs and growth in both the City of London and outside, and provides a huge variety of cultural opportunities for Londoners to enjoy.”
The full report is available here: http://www.cityoflondon.gov.uk/business/economic-research-and-information/research-publications/Pages/City-arts-and-culture-cluster.aspx
Notes to editors
Bella Longman, Media Officer, City of London Corporation
Tel: 020 7332 1906 / Mobile: 07809 334 327
About the City of London Corporation
The City of London Corporation provides local government and policing services for the financial and commercial heart of Britain, the 'Square Mile'. In addition, the City Corporation has three roles: (1) we support London’s communities by working in partnership with neighbouring boroughs on economic regeneration, education and skills projects. In addition, the City of London Corporation’s charity City Bridge Trust makes grants of more than £15 million annually to charitable projects across London and we also support education with three independent schools, three City Academies, a primary school and the world-renowned Guildhall School of Music and Drama. (2) We also help look after key London heritage and green spaces including Tower Bridge, Museum of London, Barbican Arts Centre, City gardens, Hampstead Heath, Epping Forest, Burnham Beeches, and important ‘commons’ in south London. (3) And we also support and promote the ‘City’ as a world-leading financial and business hub, with outward and inward business delegations, high-profile civic events, research-driven policies all reflecting a long-term approach. See www.cityoflondon.gov.uk for more details.