Vince Cable admits 'the creative industries are undervalued'

UK Music’s Jo Dipple put it to Business Secretary Vince Cable that music is being undervalued by Government in the national accounts at a Liberal Democrat Conference in Glasgow yesterday.

Calling on Cable to strongly support the creative industries, alongside Dr. Jo Twist from UKIE, Dipple argued that undervaluation of the music industry through inadequate SIC and SOC codes might be the reason for the music and creative sector to be excluded from Government’s industrial strategy announced last week.

The Business Secretary admitted at the conference that “the creative industries are undervalued”.

The event’s UK Music panel, which also included Matthew Fell from the CBI and was chaired by Lib Dem Baroness Bonham Carter, called on Cable to enforce a strong IP regime, more liquid access to finance and support for a skilled workforce.

"Vince Cable introduced a private members Bill a decade ago which showed huge personal commitment to the enforcement of IP rights,” said Dipple. “Now his Coalition Government must take his lead and show they understand how important a strong copyright regime is. In global digital markets, it is such a regime that will create growth both for music and other digital rights owners and the economy. Being able to accurately measure the results is kind of obvious. I hesitate to say, it's the economy stupid.”

Dr Vince Cable MP, said: "The creative industries are essential to the UK. Our creative content is enjoyed across the world. The sector creates jobs and provides for investment. The Coalition will continue to maximise the sectors capacity to grow, working in collaboration with industry via the Creative Industries Council and through our actions in Government"

Dr Jo Twist, Chief Executive of UKIE said: "The games industry, like music, offers huge potential for growth in all parts of the UK and a major part of this for both industries is the appearance of more and more successful small businesses. These businesses also face common barriers to growth, with access to finance and access to skills both being absolutely vital issues, not only in the games and music industries but all creative companies operating in the digital economy.

“However, the government has to accurately measure the size, shape and locations of these small businesses if we are to provide targeted support and develop policies that will best ensure the growth of the UK's games and music sectors."

CBI's Director of Competitive Markets Matthew Fell added: "The creative industry is one of the UK's genuinely world class sectors, so it makes sense for the Government to throw its full weight behind the sector to ensure the UK continues to compete on the world stage."

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