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An impact report commissioned by the London Library as it approaches its 180th anniversary has found the facility generates around £21.3m for the economy each year.
Produced by economic consultancy Nordicity and chartered accountants Saffrey Champness, the report shows its 7,200 members produce around 700 fiction or non-fiction books annually, more than 15,000 articles and over 430 scripts.
Authors who have been supported by the library in recent times include Bill Bryson, Hallie Rubenhold, Raymond Antrobus and Victoria Hislop.
The report estimates that the library, which is a charity deriving revenue almost entirely from membership subscriptions and donations, generates an estimated annual value of £21.3m for the UK economy.
A recent survey showed members attributed 33% of their creative process to the library and its research materials, inspiration and desk space. The report authors also estimate 460 full-time jobs within the UK’s creative industries are being supported by the intellectual property creation enabled by the library.
Philip Marshall, director of the London Library, said: “The London Library has always been at the heart of the UK’s literary landscape, inspiring and supporting the creativity of its members. This research shows that the library is the birthplace of a huge number of written works each year, not only benefitting our writers and their readers and audiences, but also the UK’s creative economy. As a charity, we are particularly delighted to be able to demonstrate such a significant cultural and economic impact.”
The library will celebrate its 180th anniversary in May with a weekend-long literary festival from 1st to 3rd May, featuring speakers including Sarah Waters, Hallie Rubenhold, Simon Schama, Tom Stoppard, Inua Ellams, Malika Booker and Philippe Sands.