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This week has seen continued focus on COVID-19. Like all industries, UK advertising has been having to react, rearrange and resort to contingency plans in what is a fast-changing public health situation. This morning, we took the decision to postpone our Parliamentary reception, which was scheduled for this coming Tuesday. We will aim to reschedule for later in the year and will keep those you wished to attend updated.
We are monitoring all advice and developments regarding the outbreak closely on behalf of members, such as Government advice from BEIS and Public Health England for business, which is to take measures to prevent the spread of infection and to give the recommended support to colleagues who may have travelled to affected areas or who may feel unwell. We’ll remain vigilant as the situation develops and do everything in our power to support the continued growth and development of our industry here in the UK and on the world stage.
From an economic perspective, there were two key developments for our industry this week, both of which were affected by the ongoing COVID-19 situation. On Wednesday the Bank of England decided to make a decision to cut the base rate of interest. We welcomed the move in a statement, noting that the “additional support around cash-flow for the many thousands of SMEs operating in our industry will be a strong, supportive measure to aid business planning during the fluid and fast-moving nature of the situation surrounding Covid-19.” Read the statement in full via The Drum here.
Also on Wednesday, the Chancellor of the Exchequer, Rt. Hon Rishi Sunak MP announced the Budget, which contained several notable measures to shore up business confidence at the present time. Our Chief Executive, Stephen Woodford, made the following comment on the Budget:
“Today’s Budget statement contains positive measures that should help our industry in both the short and long term. In the short term, the Chancellor’s framework of ‘temporary, timely and targeted’ support for businesses and workers, including those in the advertising industry, will assist firms and employees through the current challenges and period of uncertainty brought about by COVID-19. Looking at the longer term, this is clearly a budget designed to raise productivity and economic growth across the nations and regions. Advertising is a key driver of UK Plc, returning £6 for every £1 invested and supports economic growth in communities up and down the country. It is also a major export success and we are working as closely as possible with Government through this crucial period and into the future to ensure that advertising continues to be a successful and dynamic contributor to the UK’s success both at home and internationally.”
Our budget statement was also covered in The Drum, Decision Marketing and WARC.
On Tuesday the Museum of Brands opened its doors to a new exhibition entitled ‘When Brands Take a Stand’, which aims to highlight some of the most inspirational and debated advertising campaigns that take a stand for causes such as diversity, inclusion, environmentalism, health, wellbeing and human rights.
Credos’ recent report – Advertising Pays 8: UK Advertising’s Social Contribution – is featured at the exhibition, with Anna Terry, Development and Commercial Director at the Museum of Brands, saying that the report “gave the exhibition a good base of case studies”. Read more in a write-up by The Drum here and check out our dedicated Advertising Pays 8 hub here, where we highlight each case study from the report.
Following the launch of our Advertising Pays 8 report we’ve launched a dedicated hub to highlight the best UK advertising campaigns that have made a positive contribution to society. Now that we’re in March we are highlighting campaigns that demonstrate Community Improvement. This week, find out more about #LookingForYou by Ogilvy UK and Framestore for Battersea Dogs & Cats Home here.
AD OF THE WEEK
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