Arts and cultural organisations within the City of London, the capital’s financial and business centre, generated £225 million of net value to the Square Mile in 2011/12 and supported more than 6,700 full-time equivalent jobs, according to a new report commissioned by the City of London Corporation.
Compiled by BOP Consulting, The Economic, Social and Cultural Impact of the City Arts and Culture Cluster makes use of HM Treasury-approved criteria for calculating “only expenditure that represents genuinely new, ‘additional’ economic activty” and includes only spending that would not otherwise have happened.
The report found that the total gross value added to the larger London economy was £291 million, approximately £66 million higher than for the City itself, and sustained an additional 500 jobs. Direct spending by arts and culture organisations and attractions in the area – which include the Barbican Centre, London Symphony Orchestra, Guildhall School of Music and Drama, Spitalfields Music and the City of London Festival – accounted for 60% of the net total, with audience spending contributing a third and spending on suppliers and staff the remaining 7%.
Almost half (48%) of total audience spending was accounted for by accomodation, with a further 17%, excluding the cost of tickets, by “onsite” spending at venues.