The Landmark UK Film & TV Production Restart Scheme has been extended by six months, the Government has announced.
The £500 million initiative – launched in July – covers productions for losses incurred due to delays or abandonment as a result of Covid-19.
Research revealed that a number of UK film and TV productions were forced to halt filming because they were unable to access the necessary insurance products they need.
The scheme – which pays out up to 20 per cent of a production’s budget if it is delayed and 70 per cent if abandoned – was set to end on 31 October 2021, but has now been extended by six months until 30 April 2022 and will provide cover for claims up to 30 June 2022.
The scheme fee, however, will be increased from one to 2.5 per cent from 01 November 2021 to “ensure that the current needs of the UK production industry are maintained while balancing the need to deliver value for money for taxpayers”.
Recent figures suggest that the scheme has now supported more than 830 productions, protecting 70,000 jobs and £2.3 billion of production spend.
Commenting on the extension, the Chancellor of the Exchequer, Rishi Sunak, said: “Our world-leading film and TV industry supports hundreds of thousands of jobs – that’s why it was so important we helped it to get up and running again as part of our Plan for Jobs.
“It’s great that by extending the Film & TV Production Restart Scheme we will give even more productions the confidence to keep rolling, supporting jobs across the UK and producing the film and TV we all love.”
According to the latest statistics, the UK film and television production industry supports over 180,000 jobs and contributes more than £12 billion to the economy each year.
To learn more about the UK Film & TV Production Restart Scheme, please click here.
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