Britain is facing an irreversible “cultural catastrophe” with a projected £74bn drop in revenue for creative industries and the loss of 400,000 jobs as a result of the coronavirus pandemic.
The creative industries GVA (gross value added) will fall by £29bn, down 25%, and revenues will drop by £74bn, or 30%.
The creative industries are waiting to see if the UK follows Germany, France and others by providing investment.
London is projected to experience the biggest drop in creative industries GVA with a £14.6bn (25%) fall.