UK film industry spending skyrockets to historic high in 2014

New figures released by the BFI have revealed spending on UK productions went up by 35% in 2014 from the previous year.

Thanks to major Hollywood investments in UK productions, overall spending in the British Film Industry rose to £1.47bn in 2014. Films like 'Avengers: Age of Ultron' and 'Star Wars 7' boosted the creative sector while independent films also pushed through with more than £188m spent locally.

Despite a small decline in box office numbers, the British Film Industry is arguably at its peak, and continues to attract more investments.

With sterling currently hovering at $1.50, the UK has become a major destination for Hollywood productions looking to take advantage of tax breaks and the strong dollar to get more return on their production budgets.

The UK's creative sector is set for strong growth in the years to come and with emerging markets like China opening up their film import quotas, there's more good news to come for the industry at the end of the decade.