Following a lot of doom and gloom surrounding the UK economy, it’s always nice to read something positive about an industry contributing towards economic growth. The BBC posted an article this week discussing an independent report examining the impact of the film industry on the UK economy. And we feel this report is just the thing we need to restore faith in the creative talent that exists this side of the pond, so it can be nurtured allowing the industry to flourish even further.
Contributing to more than £4.6 Billion towards the UK GDP (a measure of value goods and services produced in the economy) in 2011 alone, the UK film industry has grown significantly over the past 20 years. Updated every two years, the report explores these core aspects for the British film industry:
- Jobs and skills
- Inward investment
- Promoting British culture
- New technologies
And of course, one major contributor to the success of film production in this country is the generous Film Tax Relief currently available. It has been noted that without this tax relief, national GDP would be reduced by about £1.4bn per year and the Exchequer revenues by £430 million a year. Chief Exec of Film London and the British Film Commission, Adrian Wootton, commented on this by saying "The UK film industry has proved itself to be vital to the economy and that is something which should be celebrated, and of which we should be very proud."
We couldn’t agree more, which is why we’re hosting the UK’s first ever VFX Festival, celebrating a decade of excellence across the UK Visual Effects industry. To find out more about this four-day event in October, take a look here!