The British Film Institute recently commissioned a report on the sector’s contribution to the UK economy, which rose to £7.9 billion in the last financial year.
Tax reliefs amounting to £632 million helped, although they brought more in return. An almost identical sum was generated in film related tourism and over £2 billion returned to the treasury in tax payments.
Beyond a significant financial return, the growth in employment saw 137,000 people directly, or indirectly working in the film industry. Whilst we don’t doubt this significant figure, the impact could be higher.
A Wide Ranging Influence
Transport and logistics are vital aspects of film production and will be factored in. An area we understand, with our sister company specialising in film logistics and ourselves providing ATA carnets for international productions.
To serve clients well, our productivity and innovation levels must match theirs. An effect the film sector tends to have on many service companies, which has helped to develop clusters of excellence across the UK.
Whilst film leads the way, the sector includes television, computer games, high end video. Collectively and independently, they help build a talent pool which is then pointed at a range of other modern industries.
From driving technical development, to creating valuable intellectual property, to marketing products in new ways, media related skills spread wider than the core.
A further advantage of the UK being a film sector hub is recognition as a global tech centre, with infrastructure and facilities to match.
Alongside skills, the practical ability to help create a well recognised communication genre spurs confidence. This attracts clients from diverse, international industries.
The effect of promoting brand UK is hard to measure but is a vital part of UK business. Judging from the amount of ATA carnets we issue to international companies, the brand is strong and film industry carnets play a key part in reinforcing this.
Worth returning to the grants, tax relief and wider support which can assist. Their contribution is multiplied many times over in returns and whatever happens with Brexit, or otherwise politically, this should continue.