Romesh of The FD Consultant was pleased to contribute to an article by the Institute of Chartered Accountants in England and Wales (ICAEW) on how finance advisors can assist the creative and cultural sector in moving forward amidst current challenges.
Creative/Cultural/Events businesses must carefully navigate the short term and make measured decisions to help them ensure their survival and achieve sustainable growth.
Read the ICAEW interview - How accountants can drive the creative sector recovery
A snippet of the article follows below.
How accountants can drive the creative sector recovery
Accountants have a critical role to play in charting a path to sustainable recovery, as the cultural and creative sectors seek to maximise benefits from 18 months of pent-up demand.
With arts and live venues forced to close during lockdowns and with recovery proving a slow and challenging process against a backdrop of ongoing uncertainty, all eyes on the next few months as an indication of a change in fortunes.
In a July 2020 report, the Digital, Culture, Media and Sport Committee warned that the pandemic presented “the biggest threat to the UK’s cultural infrastructure, institutions and workforce in a generation”. According to official figures, arts and culture contributed £10.4bn to the UK economy in 2019, the equivalent of 0.5% of total UK economic output. In the fourth quarter of 2020, arts and culture economic output was 46% below the same period in the previous year having seen limited recovery since the onset of the pandemic in March 2020.
Read the ICAEW interview - How accountants can drive the creative sector recovery
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