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UK Film Industry contributes £4.5 billion a year to economy

LONDON, UK It was recently revealed in an independent report published by Oxford Economics that that the British film industry contributes £4.5 billion to GDP. This includes £1.2 billion to the Exchequer.

In an upbeat assessment commissioned by the UK Film Council, Pinewood Shepperton plc, Framestore, Cinesite and Double Negative, the UK Film Industry was headed for long-term growth.

Despite a grim outlook for the UK economy as a whole, it would seem that the tax breaks awarded to film productions are of great benefit to the nation and is a key example of how governments can step in to stimulate growth in times of economic hardship and create new jobs, supporting other sectors of the economy and promoting British Culture. As the film industry involves many crafts and special skills, it has a wider impact on other sectors such as merchandising, manufacturing and tourism.

There are many overseas in the US who question why there is not a national body like the UK Film Council to support filmmakers, as it is clearly evident that such an institution would strengthen American independent films. France has the CNC, which takes a percentage of box office receipts and awards grants to film productions.

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