UK looking to ‘jump-start’ creative industries with £500m funding

Covid-19 News | Creative Industries | Economy & Politics | Funding | Latest News

In a major move to ‘jump-start’ the country’s cultural and creative sectors following lockdown, the Culture Secretary has announced the launch of a government-backed scheme worth £500m for domestic film and TV productions struggling to get coronavirus-related insurance.

The government has also today set out how organisations can apply for £880m in grants from next week as part of the £1.57bn Culture Recovery Fund, which is the Government’s biggest ever one-off investment in the arts.

The new UK-wide £500m Film and TV Production Restart Scheme will help to get TV and film productions across the country that have been halted or delayed by a lack of insurance to get back up and running, by giving productions the confidence they need that they will be supported if future losses are incurred due to Covid-19.

It will fill the gap left by the lack of available insurance and cover coronavirus-related losses for cast member and crew illnesses and filming delays or disruptions caused by the ongoing battle against the virus.

In the UK, the film and television production industry supports more than 180,000 jobs and contributes more than £12bn to the economy annually.

The funding will be available to all productions made by companies where at least half of the production budget is spent in the UK and is estimated to cover more than 70% of the film and TV production market to the end of the year.

Culture Secretary Oliver Dowden said: “From award-winning dramas, to iconic comedies and revered documentaries, the UK makes the films and TV shows the world can’t wait to watch. Today’s announcement means more clapperboards snapping into action in studios across Belfast, Glasgow, Cardiff, Watford and many more.

“Our screen industries are high growth, jobs creating and showcase the best of British creativity and innovation, and I’m pleased we can give them this jump-start to get the cameras rolling again on this £12bn industry.”

Chancellor of the Exchequer Rishi Sunak said: “The UK’s film and TV industry is the envy of the world, and it’s vital that productions get the help they need to restart as part of our plan to kickstart jobs following the lockdown.

“This targeted scheme, which will help fill the gap created by the lack of available insurance, will help protect tens of thousands of jobs, from actors and directors through to camera operators, costume designers, and runners. The sector is worth over £12bn to the UK’s economy, so it’s right that we do what we can to help them reopen and get back to making the films and shows that we all love.”

Did you enjoy reading this content?  To get more great content like this subscribe to our magazine

Reader's Comments

Comments related to the current article

Leave a comment

Your email address will not be published. Required fields are marked *