Government launches Covid-19 recovery fund to support film and TV industry

The UK’s cash-strapped film and TV sector can now apply for a share of a new £500 million fund to help restart productions, it has been announced.

According to the Treasury, the Film and TV Production Restart Scheme can help studios secure the insurance they need to get their productions off the ground.

It comes after reports of film and TV productions being delayed or halted because they did not have the cash available to insure their productions for coronavirus-related risks, such as travel restrictions, cast and crew illness, and filming delays or disruption.

The new scheme will compensate productions for losses through to the end of June 2021 after they have restarted, and only where costs are then incurred due to delays or abandonment as a result of the coronavirus.

The funding is available to all productions made by companies where at least half of the production budget is spent in the UK – representing around 70 per cent of the film and TV production market.

Welcoming the announcement, 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.”

According to the latest statistics, the UK’s film and television production industry contributes more than £12 billion to the economy each year and supports over 180,000 jobs.

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Posted in Business, Covid-19 - Loans, Grant and Deferrals, COVID-19 Updates.