Sky study claims £5bn-plus contribution to UK GDP

Sky has released a report which claims that the broadcaster contributed £5.4 billion to the UK economy in 2011.

In conjunction with economic forecasting consultancy Oxford Economics, Sky’s study, entitled “The Economic Impact of Sky on the UK” argues that the company’s contribution is “felt in almost every part of the country”, adding: “Sky’s footprint is UK-wide”.

Figures included in the report state that Sky provided around 120,000 jobs in the UK as well as contributing £2.3 billion in tax last year.

The broadcaster, referring to the report as a “comprehensive, independent study”, said that over the past year it had “stimulated economic activity in a wide range of associated companies and industries, through relationships with thousands of UK suppliers and business partners”.

It was also claimed by the study that Sky’s direct contribution of £2.2 billion to the UK’s GDP equalled around two-fifths of that of the TV and radio creative sector.

Commenting on the figures, Sky CEO Jeremy Darroch said: “We have grown rapidly since our business was established just over 20 years ago.

“As a result we have transformed UK consumers’ experience of television and home communications, while generating significant returns for our shareholders and contributing positively to the UK economy as a whole.”

Read the full Rapid TV News article here.