Speaking yesterday at the launch of the CBI’s new report, Creating growth: A blueprint for the creative industries, she said the sector is “critical for rebalancing the economy, reducing the deficit and delivering growth”, but warned that it is “in the middle of structural change”.

“The spread of digital technology and the growth of the online environment mean business models are shifting fast. Making sure our creative industries remain world leaders will require action from the Government to deliver the right business environment for the sector to flourish.”

The report, which is made public today, says the creative industries – which include photography, film and television, art, fashion, media and design – contributes 6-8 percent of GDP in the UK, and that they account for £16bn of overseas trade each year. It claims they employ nearly two million people, and beyond that, “significantly enhances the UK's cultural reputation globally, underlining the vitality of the UK economy”.

In a statement, the CBI added that it “believes the UK’s creative sector, which is the biggest in Europe, can play a crucial role in rebalancing the economy and delivering high growth. For that to happen… the Government must deliver the right conditions for the sector to thrive and create new jobs”.

The report says the Government should address the following key issues:

On intellectual property, the Government must provide certainty about the IP regime so companies can derive value from their rights. It must also be active in international forums, since IP is a global issue.

On skills, government policy should include what is needed by creative businesses and ensure these are being delivered by the education system

On competition policy, we need a modern, forward-looking regime that reflects the new digital environment.

On tax, we need a competitive framework that promotes start-ups, innovative and high-growth businesses. Given that many creative businesses are highly mobile, we need policies to ensure talent does not go elsewhere.

On the finance front, it can be difficult for creative firms to access the capital they need to get their products off the ground, especially when they can come with unproven revenue streams. The Government must work to ensure that access to finance does not become a barrier to growth for creative industries.

On infrastructure, there needs to be a policy framework that will encourage market-led investment in quality, high-speed internet.

The report concludes:

“The Government has recognised the importance of the creative industries and the need to address specific policy issues. This is welcome – but there is more to do.

“Related policies must be linked to create a coherent package for the creative industries. This will involve recognition of not just the business issues, but also the cultural issues creative industries face.

“The hard-won competitive strength of our creative sector is the envy of many other countries, which want to emulate and overtake our position. The UK must support and grow its creative industries if we are to remain a world leader.”