Film Industry

In a statement to the House of Commons, the minister highlighted the government's strong support for the UK's film industry, which has been a remarkable success story over the past 30 years. The minister credited the film tax credit introduced by the previous Labour government in 2007 as a key driver of growth in this sector, which now contributes £1.36 billion to the economy and employs over 195,000 people. The government has set three main goals for the film industry: to attract investment for UK filmmakers to produce the best films in the world, to ensure UK audiences see films that reflect their lives and communities, and to make the UK the best place globally to make films. To achieve these aims, the minister announced that the government has today laid the necessary statutory instrument to introduce an independent film tax credit, offering enhanced support for films with budgets up to £23.5 million. The minister emphasized the importance of independent films, which often showcase diverse British stories and talent, in addition to major blockbusters. The government believes this tax credit will boost creativity, create jobs, and drive growth across all nations and regions of the UK. It will also be open to qualifying international co-productions, strengthening the UK's cultural ties globally. Furthermore, the minister outlined the government's plans to address the skills shortage in the creative industries, including through reforms to the apprenticeship levy and closer collaboration with Skills England. The government is also taking steps to facilitate film production, such as recovering a planning application for new film studios in Buckinghamshire. Lastly, the minister announced that the upcoming international investment summit will place the UK's creative industries at the heart of the country's economic renewal strategy, as the government is committed to making the UK a premier destination for film production.