UK government's innovation policy going off track?

"Britain's creative industries represent the fast growing sector of the UK's economy with annual revenues in excess of £70 billion (Department for Business, Innovation and Skills, 2011)".

Fast forward to 2013 and if the rumours are to be believed the treasury is looking to cut the culture budget by £1.2bn, this despite resistance from Culture Secretary Maria Miller. Britain's creative industry requires councils to support cultural centres and activities, if for nothing else then to simply stimulate and inspire the next generation. George Osborne correctly emphasizes the need for the support of science research. What he musn't forget is that often key technologies most profitable endeavors are their application in music, publishing, advertising and the arts.