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The cultural sector boosts the South West economy by 拢700million a year and is expected to recover from the Covid pandemic crisis by 2022, a new report says.

The report, titled Contribution of the Arts and Culture Industry to the 海角视频 Economy, says the cultural sector is now larger than industries such as advertising and market research across the region.

It says the sector adds 拢700million in GVA (gross value added) to the South West economy, contributing more than the 拢560million from advertising and market research, and more than double that of travel agencies and tour operators, which pump in 拢320million.

The sector was even larger than the Cornish and Isles of Scilly accommodation sector, worth 拢330million to the economy, and food and drink services in Bristol, which contributes 拢280million, combined.

The report, commissioned by Arts Council England, also reveals the sector has created jobs, supporting the full-time equivalent of 10,730 people.

If supply chain impacts and employee expenditure are included, arts and culture added 拢1.4billion to the economy and 23,500 jobs in the South West.

The study also shows that the arts and culture supported the wider creative industries, one of the fastest growing areas of the economy, and brings visitors to high streets near cultural attractions. It says that for every 拢1 the cultural sector produced, it stimulated an additional 拢1 across the South West region.

The new research comes from the Centre for Economic and Business Research (CEBR) and predicts that the Government鈥檚 Culture Recovery Fund will boost the sector鈥檚GVA by 拢1.4billion and will help it return to its pre-lockdown level by 2022 - a full year earlier than was anticipated without Government intervention. The research shows the sector is set to be worth 拢15.2billion to the 海角视频J economy by 2025.

The Arts Council is now working to distribute the Culture Recovery Fund as quickly as possible, with 拢3.36million already invested in 136 live music venues across England, with more announcements soon to follow.

Sir Nicholas Serota, chair of Arts Council England, said: 鈥淭hese figures demonstrate that, beyond the value of the arts to the lives of people across the country, the cultural sector is an economic force in its own right, as well as an essential pipeline for talent and ideas into the wider creative industries 鈥� one of our fastest growing sectors before the pandemic.

鈥淏y investing through the Culture Recovery Fund, the Government is helping to protect the sector, ensuring that it can bounce back more quickly and play a vital role in the national recovery as we emerge from the pandemic.鈥�

How to contact William Telford and Business Live

Business Live's South West Business Reporter is William Telford. William has more than a decade's experience reporting on the business scene in Plymouth and the South West. He is based in Plymouth but covers the entire region.

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Culture Secretary Oliver Dowden said: "I know that recent months have been challenging and uncertain times for the arts, culture and heritage sectors but the findings in this report are welcome news.

"Thanks to our 拢1.57 billion Culture Recovery Fund these hugely valuable sectors will be able to build back from this crisis sooner, boosting the country鈥檚 economic recovery and more importantly, enriching people鈥檚 lives."

Darren Henley, chief executive of Arts Council England, said: 鈥淭hanks to the Government鈥檚 Culture Recovery Fund, we鈥檙e helping cultural organisations to continue to be the beating hearts of their communities.

鈥淲e know that creative professionals and creative organisations enrich lives in villages, towns and cities across the country.

鈥淭hrough this Fund we鈥檙e determined to continue to deliver on the Government鈥檚 plans for levelling up opportunities for people across the country.鈥�