“Advertising is the oxygen of a modern, innovative and dynamic economy. Our advertising and media sector has long been a strategic asset for UK plc, attracting talent and investment from around the world and establishing itself as one of the truly global success stories of British business.
As it develops its Industrial Strategy, we believe there is a double opportunity for the UK Government by focusing on advertising – the first to stimulate the right kind of growth in the domestic economy and the second to strengthen the UK’s position as a global centre of excellence and leader in exports for advertising services.
Together, we believe these measures to be some of the most effective levers Government can pull as it seeks to create ‘the condiditions where successful businesses can emerge and grow’ – supporting employment, regional growth and exports and making advertising an even stronger asset for post-Brexit Britain.”
Stephen Woodford – Advertising Association Chief Executive.
Advertising is a powerful driver of sustainable growth and key to the UK's industrial strategy.
Advertising should be thought of as economic infrastructure. It is how businesses connect with their customers and is as fundamental to their success as the means to move goods and services around the country. Supporting advertising will provide Government with a key lever to drive the UK’s industrial strategy and create the conditions for businesses to emerge, grow and invest in the long term future of Britain.
There are two strategic opportunities for the Government's Industrial Strategy.
Advertising benefits the economy and incentivising its use will help to structure the UK economy for long term success. Interestingly, research has shown that investment in advertising in small and medium sized enterprises (SMEs) is even more powerful than similar investments by larger companies. Using this learning, the Advertising Association has devised a package of measures that industry and Government can implement under the industrial strategy to deliver long term sustainable growth.
What are the potential benefits to UK plc of the Advertising Association's proposal?
The UK’s advertising industry is a world leader, delivering an export value second only to the United States in size. London is clearly the leading advertising hub in Europe and vies with New York as the pre-eminent global centre of excellence. However, Brexit provides an opportunity for competitors such as Amsterdam, Berlin, New York and some Asian hubs to try and attract business from the UK. They are investing in communication campaigns, direct engagement, incentive schemes and fast efficient support (e.g on visas, licenses etc) to attract corporates and individuals. The UK will need to take similar action to maintain its position as the “go to” market for companies to place their global advertising accounts, and the “go to” place for talented people in the advertising and media sector to work.