Film industry worth £4.5bn to UK economy
The UK film industry contributes over £4.5bn a year to the UK GDP and more than £1.2bn to the Exchequer, according to a report published by Oxford Economics.
The Economic Impact of the UK Film Industry – commissioned by the UK Film Council, Pinewood Shepperton plc, Framestore, Cinesite and Double Negative – also concludes that without the UK film tax relief in place, UK GDP would be reduced by around £1.4bn a year.
Other facts thrown up by the report include:
- the UK film industry directly employs around 36,000 (up by 30% since 2000 and 7% since 2006), supporting a total of 100,000 direct and indirect jobs (up from 95,000 in 2007);
- workers are highly skilled, with 58% of the production workforce university educated and London having a global market share of approximately 20% in film visual effects work;
- between 2000 and 2009, fixed capital investment in infrastructure and new technology totalled almost £1.1bn. In 2009 alone, capital investment in the core UK film industry is estimated to have been £147m, with most of the investment undertaken in the production sector;
- inward investment is estimated to account for around £3.6bn of film’s contribution to GDP and £960m in Exchequer revenues.
UKFC Chairman Tim Bevan said, “With world-class film facilities, a highly skilled workforce and effective government support, including a film tax relief that provides certainty for business, the British film industry is firing on all cylinders and is well-placed to play an increasingly valuable role helping the UK economy grow in the years ahead.”
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