Andrew G Haldane: The creative economy

Text of the Inaugural Glasgow School of Art Creative Engagement Lecture by Mr Andrew G Haldane, Executive Director and Chief Economist of the Bank of England, at the Glasgow School of Art, Glasgow, 22 November 2018.

The views expressed in this speech are those of the speaker and not the view of the BIS.

It is a great pleasure to be at the Glasgow School of Art (GSA). For over 170 years, the GSA has been one of the leading educational institutions in the creative arts in Europe. Today, the School continues to provide a conveyor belt of talent that is fuelling the rise in the creative industries, a sector growing rapidly and one where the UK can genuinely be said to be a world-leader.

It is creativity, and its role in improving incomes in the economy and well-being in society, that I will discuss this evening. Now, there is a certain irony in me (a middle-aged career public servant) giving a lecture to you (staff and students at one of Europe's creative hot-spots) about the determinants and benefits of creativity. Don't worry, that irony is not lost on me.

Nonetheless, I hope that by analysing creativity through an economic and historical lens we can learn something about its key ingredients. Developing those raw ingredients, and mixing them appropriately, has been crucial for social and economic progress over the course of history. And what has been true of the past is likely to become even more important for driving economic and societal improvement in future.