The value of Britain’s flourishing creative industries to the economy is now broadly comparable to that of the financial services sector, according to a report commissioned by the Department of Culture Media and Sport.

However, the report found that without careful policy-making, targeted public investment and a supportive institutional architecture, the flow of creativity worth commercialising may begin to slow.

It found that the creative industries, including music, gaming, TV and fashion, have a higher reliance on knowledge, information and interactivity in both organisation and transmission than other sectors.

Will Hutton, chief executive of The Work Foundation which carried out the research, says: “These sectors are all very different, but what they have in common and what sets them apart is that they commercialise expressive value – they profit from creativity, cultural meaning and symbolism. We need better understanding about the mechanisms through which creativity generates value – both within the creative industries themselves and in the wider economy beyond.

“Yet there is no doubt that Britain’s creative knack is something to celebrate. The stuff that creates new insights, delights and experiences, that stirs our senses and enriches our lives, is also the stuff that is propelling a larger slice of our economic output. The question is can we continue to supply this growing demand? How we create the architecture that will incubate rather than stunt creative industry growth is a major policy question.”