The House of Lord’s Select Committee on Communications is conducting an inquiry into how the UK’s advertising industry can maintain its leading position in the world market.
According to a preliminary report released by the committee, advertising and marketing services contributed £13.3 billion to the UK economy in 2014, making it second only to the IT industry. Similarly, the Advertising Association has stated that advertising brings in £120 billion in economic activity to the UK.
The inquiry aims to address how the UK’s advertising industry can maintain its access to top level skills and talent. The Chairman of the committee, Lord Henley has stated:
“Advertising in the UK is a major contributor to economic growth and its services are now the UK’s third biggest export. According to one industry body, the industry generates a total of £120 billion in economic activity in the UK and provides 500,000 jobs.”
“However, the industry also faces major changes as advertisers switch from the traditional media of television, radio and print to digital—which now generates more advertising revenue in the UK than all other media.”
“With such a significant contribution to the UK’s economy, the Committee will examine how this industry can evolve and adapt to a changing market, and what role there is, if any, for the Government to help. The Committee will also explore ways the advertising industry can maintain access to a global talent pool and nurture the skills of those already in the UK.”
The committee has given all interested individuals and organisations until October 20th to submit written evidence to the inquiry. It will also hear oral evidence between September and December.
The committee intends to release a publication in early 2018.