The Advertising Association (AA) has sounded a warning over the future competitiveness of Britain’s ad industry, suggesting that recent stellar growth could come to a juddering halt should non-Brit workers depart en masse in the wake of Brexit.
The AA says the industry grew by 35% in 2016 alone to reach a record high of £5.8bn, fueled in large part by the ease with which British firms can recruit top global talent.
Overall annual turnover for the same year stood at £120bn with a balance of payments surplus of £2.9bn, the highest in Europe that year; with growth far outstripping other sectors of the economy such as finance, consulting and the legal profession.
Stephen Woodford, chief executive of the Advertising Association, remarked: “The figures demonstrate the vital importance of getting the right deal on Brexit, a smooth path for transition and continued close co-operation with our EU neighbours while, at the same time, building new economic links elsewhere with the right free-trade agreements.”
In order to prevent these worst case scenarios from coming to pass the association is calling on the industry to let the rest of the world know that it remains open for business and foreign talent.