The UK publishing industry can grow by 50% in the next decade and can add a further 43,000 jobs with the right government support, according to a report commissioned by the Publishers’ Association.
The Vision for Publishing report says that the UK publishing industry is in a strong position. It is already worth £11 billion according to the report from Public First. This is rather more than the PA itself believes the size of the industry to be. In its 2023 report, it says that the book publishing industry industry was valued at £6 billion in 2022. This difference is that Public First is looking at a broader definition including indirect value and employment though the print and book retail chain than the PA which looks at its core membership.
The report was commissioned to attempt to influence politicians in what is sure to be an election year. It outlines some actions that are necessary to protect the sector: uphold intellectual property and copyright legislation in the face of threats from large language model artificial intelligence agents; create an export accelerator for publishing; axe the final tax on reading (Vat applies on audio books); support creative clusters centred on publishing around the UK; invest in libraries and promote fair competition in retail.
The impact of these measures, says the report, will be to add £5.6 billion of value to the UK by 2033 and this would support a further 43,000 jobs across the industry. Public First reckons that 84,000 jobs are already supported by the UK publishing industry. This is well above the 29,000 employed directly in publishing, according to the PA.
Exports can increase by 20%. The UK is already the largest exporter of books in the world, thanks to the English language and strength of the publishing industry. In academic publishing the report estimates that there is potential for 66% growth in the period thanks to expansion of the knowledge sector and the drive for innovation.
PA CEO Dan Conway says: “The publishing sector is a true success story for the UK, driving economic growth, highly skilled creative jobs, and leading in worldwide publishing exports that contribute to Britain’s cultural and academic standing abroad.
“As a country, we should be immensely proud of what the sector has achieved – but we must not take it for granted. With an election on the horizon later this year, we ask politicians on all sides to recognise the publishing industry’s economic value to the UK, but also its huge cultural and academic importance in inspiring the next generation of readers, learners and leaders. We must ensure we work together to unlock the next chapter of this success story and grow UK publishing’s economic and social contribution for the UK.”
