On 24th June when it was announced that Britain is leaving the EU, it sent political shockwaves around the country. Sterling plunged to its lowest in three decades, and those wanting Britain to stay in the EU protested against it. Even leaders of major political parties in the parliament had to step down one by one. The “leave or stay” dispute is still going on. And naturally, the Brexit referendum has huge impact on the cultural and creative industries in Britain. Cultural organisations, museums, the art market and creative businesses are all severely affected by it. In the past, Britain and the EU have a lot of interflow schemes. They not only share similar history and culture, but also work closely when it comes to  trade and economy. Now, facing such drastic changes, what would happen to the cultural and creative industries in Britain? What are the next steps? These questions are worth our on-going concern.

Funding sources for cultural organisations and museums

The EU has been one of major funders of Britain’s cultural organisations and museums. For instances, local arts groups in Britain received grants totalling €40 million in 2014 and 2015 from Creative Europe, a programme initiated by a group in the EU. Other funds such as the Europe Regional Development Fund and the European Capital of Culture have also provided grants and subsidies to Britain. Now Brexit becomes reality. These partnership and cooperation agreements will not be changed until the negotiations between both sides are complete (which may take a few years). But Britain’s decision to leave the EU casts doubt on whether the EU will continue to provide support to the country. It is clear that the British government has had budget freezes and cuts on the arts and culture sector in recent years. If Britain is not going to receive any grants from the EU, is it still possible for the country to run the sector on its own?

Brexit’s impact on the art market

Several summer expos were held in London right after the Brexit referendum. They include Art Antiques London, The Art & Antiques Fair Olympia and Masterpiece London. Sellers and buyers’ concern regarding how Brexit would affect the British art Market are immediately known. In the past the events attracted a lot of visitors. But this year it’s been pretty quiet. A lot of exhibitors said they could feel the Brexit punch and foreseeably it would have a negative impact on the art market, but no one knows how long the impact would last. On the other hand, business organisations such as British Art Market Federation, The Association of Art & Antiques Dealers, as well as Society of Fine Art Auctioneers and Valuers expressed that they will “wait and see”, which perhaps is the best way to respond to the market. Cool heads and steady hands are needed to ensure that we can keep calm when facing all the uncertainty.

Pre-requisites of developing cultural and creative industries

In the past, Britain and the EU adopted corresponding policies in cultural and creative industries. Now they are taking different positions and this would lead to an uncertain future. For instances, regulations regarding artist resale rights, export licenses and the import VAT have to be revised; policies of the banking and remittance services, customs and transportation, as well as talent imports also have to be rewritten. In the meantime, Britain isn’t total in a disadvantageous position, but how to make a comeback really depends on the wisdom and vision of the parliament as it has to lead the society to get out of this turmoil. Now the decision to leave the EU is confirmed and Britain prefers to walk independently on her path, I am happy to see how the United Kingdom can make herself return to glory. However, the world economy and society are highly globalised now. My question is can Britain really survive on its own?