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How Will Brexit Effect The Global Creative Industry

09 July 2016 | No Comments | Kara Ladd
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By: Kara Ladd

The British withdrawal from the European Union has been a long term political goal spearheaded by various political parties, activists, and thought leaders ever since the UK joined the EU in 1973. One of the largest cities in the UK, London, has been a leading city in the creative industry housing some of the most influential museums, art & design schools, and events. From London Fashion Week to the Victoria & Albert Museum and Central Saint Martins, the list goes on. United Kingdom’s influence spans far beyond the city of London, however, it is apparent that Brexit will cause major changes, for both the city and the global creative industry.

Given the high valuation of quality products in the United Kingdom, trade is a rising concern. As a result of Brexit, new trade regulations will alter the economy on a global scale, possibly removing the UK as one of the world’s economic leaders. British products hold a unique value compared to other international products. There is a chance that British products’ value will be greatly diminished due to the break from the EU. The departure from the European Union decreases the overall capital in the UK, which is bad news for emerging designers and creatives given investments will be more risky. On the other hand, the depreciation of the pound will most likely increases tourism but create more expensive costs to outsource goods and services. There are numerous predictions and theories floating around in regards to Brexit. Amidst the political and economic unrest, the creative industry must continue to rise above and flourish in the face of global uncertainty.