BRITISH FILM COMMISSION Autumn Statement response
“A package of measures that rightly demonstrates confidence and backs growth in our phenomenal UK film and TV sector”
Responding to today’s Autumn Statement announcements by the Chancellor of the Exchequer, Adrian Wootton OBE, Chief Executive of the British Film Commission, said:
“Today’s announcement is a clear recognition from Government of the value of the UK’s film and TV sector, at home and abroad. With global demand for film and TV remaining high, today’s measures further strengthen the UK’s attractiveness as a leading production hub. The announcement of a call for evidence on how best to increase the generosity of the Audio-Visual Expenditure Credit for visual effects is hugely welcome and will further boost our world-leading sector’s offer internationally. Our reliable fiscal incentives, recently enhanced and reconfirmed today, will ensure our competitiveness, cost effectiveness and transparency. And our support for the industry via the British Film Commission’s work has been recognised and maintained. It’s a package of measures that rightly demonstrates confidence and backs growth in our phenomenal UK film and TV sector in a period of intensifying global competition.”
On BFC funding:
“Today’s commitment for a further year’s funding to promote and enhance our UK film and TV offer is greatly welcomed in the face of intensifying global competition for international productions. Last year, the UK saw record inward investment spend on Film and HETV, at £5.37bn. Of that, the British Film Commission’s bespoke production support to projects and companies accounted for 94% of total inward investment HETV and feature film spend in the UK. We provided guidance to productions on the UK-wide offer, including stage space right across our nations and regions, which have in turn been supported through the BFC’s hugely successful Stage Space Support and Development initiative. Continued funding will help ensure our compelling UK offer is actively promoted in an increasingly competitive global marketplace.”
On changes to the Audio-Visual Expenditure Credit (AVEC):
“We are delighted that HM Treasury has listened to industry feedback and taken steps to ensure that the new Audio-Visual Expenditure Credit (AVEC) maintains the attractiveness of the UK’s offer, helping to ensure we remain competitive globally.”