A record £4 billion was spent on TV production in the UK over the last 12 months, as the sector bounced back from after the pandemic.
Screen Business, produced by the international consultancy Olsberg SPI with Nordicity and published by the British Film Institute, says tax breaks of £13.48 billion have resulted in the highest ever return on investment from making movies and TV programmes. There has been a boost to exports of UK productions and services internationally and wider economic benefits to other industries, including tourism and retail.
Since the 2018 edition of Screen Business, new studios have opened across the UK including Wolf Studios in Wales, First Stage in Scotland, Belfast Harbour Studios in Northern Ireland and The Depot in England. Planned investments for further studio expansion including Eastbrook Studios (East London), Pinewood and Shepperton and Sky Studios, Elstree.
Andrew M Smith, Corporate Affairs Director, Pinewood Group said: “Today’s report puts the data behind the UK’s success in delivering world-class films, television and video games thanks to our highly skilled workforce, state of the art facilities and fiscal incentives. Pinewood’s increased investment in new and expanded production facilities and training programmes underlines our confidence in the UK as a leading player in this global industry and the opportunities we have for further growth and success.”
The report shows an estimated £1.02 billion in tax relief seeded £5.11 billion in direct production spending in 2019, a 61% increase on 2016, and led to an additional £6.43 billion in gross value added (GVA) for the UK economy. UK-made productions generated £13.48 billion in overall GVA, a 23.7% increase between 2017 and 2019.
Over the three-year period of the report, direct spending on screen production in the UK has increased by 74% between 2017 and 2019 to reach £13.86 billion (£7.94 billion, 2014-2016).
Ben Roberts, BFI Chief Executive said: “It’s a testament to this strength that our screen industries have bounced back faster than almost any other industry post-pandemic. As we look to the future we need to ensure that we stay on top of our game – by building the skilled workforce this level of production critically needs and increasing investment in areas across the UK where there are opportunities for growth and innovation.”
The analysis is consistent with the 2018 edition of Screen Business and applies HM Treasury Green Book principles and best practice economic modelling to accurately estimate the impact of revenue-generating tax reliefs for the economy. 2019 is the latest year that full data can be provided to calculate and analyse the complete economic contribution of the screen sectors.
