UK cities require arts and culture investment to boost economic growth

Passive funding

According to a report conducted by Key Cities, arts and culture hold a large and often underappreciated part to play in economic development. The recent search states that cities of a small-to-medium-size must access this opportunity through investment in order to flourish.

The key message of the report is that a significantly more inclusive approach is required to stimulate Britain’s economy, as the connection between deprivation and low cultural engagement becomes increasingly apparent.

In association with Arts Council England, the research cross-references brand-new data on cultural engagement in cities with the scores for multiple deprivation in the Office of National Statistics Index. Its findings show a strong correlation between higher levels of socioeconomic deprivation and cities with a lower cultural offering.

The report examines this lack of culture alongside public funding programmes, highlighting how it can boost or break local economies. It specifically recommends that a £100 million investment be made in creative sector micro clusters that will help ensure economic opportunity and growth are more evenly distributed across the country, encouraging a renewed drive for local devolution that connects policy agendas and empowers communities.

Arts Council England currently plans to invest over £440 million of public money between this year and 2026.

UK consumers interested in making social investments often look for specialist guidance on risks and returns involved. Experts in portfolio management in Shropshire, Hampshire and other affluent UK counties help their clients assemble a balance of assets that reduces overall risk, while still offering an excellent return.

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