In a testament to its remarkable cultural and economic significance, the UK's publishing sector has been revealed to be worth an astounding £11 billion to the nation's economy, according to new research released today by the Publishers Association. Not only is this a substantial contribution to the UK's economic landscape, but it also solidifies the country's position as the global leader in book exports, marking a phenomenal achievement for the UK's cultural heritage.
Conducted by the esteemed public policy consultancy Public First, the research underscores the immense potential of the publishing industry to further bolster the UK's future prosperity. Projections indicate that with adequate support from the government, the publishing sector could inject an additional £5.6 billion into the UK economy by 2033, along with supporting an additional 43,000 jobs.
The study anticipates a significant uptick in international demand for UK publishing, with exports expected to grow by a remarkable 20% over the next decade, further highlighting the sector's global appeal and potential for expansion.
Key statistics from the research include:
• £11 Billion: Contribution of the UK publishing sector to the national economy.
• 84,000: Number of jobs supported by the UK publishing sector in 2024, with a projected increase of 43,000 by 2033.
• £6.5 Billion: Gross Value Added of publishing exports, underscoring the sector's global leadership in book exports.
• 20%: Anticipated growth in international demand for UK publishing by 2033.
• £5.6 Billion: Projected growth of the UK publishing sector in the next decade.
The research is part of a comprehensive report titled “Vision for Publishing: The role of publishing in the UK’s success”, which outlines ten key priorities for the government to consider in supporting the continued growth and prosperity of the publishing industry. These priorities include initiatives such as:
• Delivering AI opportunities for the entire economy while safeguarding intellectual property and human creativity.
• Upholding the UK's globally advantageous intellectual property and copyright framework.
• Establishing a Publishing Export Accelerator to further promote international trade.
• Removing the final tax on reading (audio) to enhance accessibility to literature.
• Investing in libraries and literacy programs to foster a culture of reading and learning.
• Ensuring a diverse, open, and fair market for educational resources by reforming the scope of Oak National Academy.
The full report can be accessed here for a comprehensive overview of the research findings and policy recommendations.
As the UK publishing sector continues to thrive and evolve, these insights and recommendations serve as a roadmap for policymakers to harness the industry's potential for sustained growth and innovation, further solidifying its status as a cornerstone of the UK's cultural and economic landscape.
Click here to read the original press release.
