Keir Starmer pins hopes for economic growth on British Hollywood
Keir Starmer has spoken of his own passion for the creative arts as he prepares to unveil a major new investment strategy for Britain’s film industry to put it at the heart of his plans to boost economic growth.
The prime minister spoke exclusively to The Independent ahead of a new package of tax relief to help boost “British Hollywood” and see more films made in the UK with “many, many” more job opportunities.
He told Independent TV: “This is a really important initiative, tax relief for filmmaking. Here in the United Kingdom, we are really good in the creative sector.
The creative industries generate £125bn a year, and form a central part of the government’s plan to grow the economy (The Independent)
“In this country we punch well above our weight and what this does is encourage more people to make their films here.
“A really important part of what we’re trying to achieve in terms of boosting the economy, celebrating the creatives… soft power across the world in terms of what we do in creative arts, whether it’s film in this case – that’s our initiative in relation to the tax relief.”
The new Independent Film Tax Credit (IFTC), confirmed as the London Film Festival gets underway, means that productions with a budget up to £15m will now be eligible for 53 per cent tax relief. Films with a budget of up to £23.5m are also eligible for the tax credit and the relief will be tapered.
The creative industries generate £125bn a year and form a central part of the government’s plan to grow the economy. The UK film sector is already worth £1.36bn and employs more than 195,000 people.
Previously Sir Keir has spoken of learning the violin with Fat Boy Slim and playing the flute when he was younger.
He told The Independent: “As someone who’s spent a lot of time playing and listening to music, it is personally really pleasing to be able to unveil this initiative.”
On how important the film industry will be to his economic growth strategy, he added: “We’re creating wealth and that’s why investment is so important.
To support more home-grown content and talent, films must have a UK writer or director or must be certified as an official UK co-production to qualify for the relief. Pictured: Lisa Nandy (PA Wire)
“I’m really pleased we’ve got a big investment summit coming up next week. This announcement is part of that bigger story about the future of our country.
“[This] investment will unlock many, many jobs in the creatives, but in filmmaking in particular, because when you’re making a film there is a huge cost.
“It’s not just on film-by-film basis. It creates that sense of the UK at the centre of filmmaking, at the centre of creatives. And we are so good at this. So it is very, very good for the economy.”
To support more homegrown content and talent, films must have a UK writer or director or must be certified as an official UK co-production to qualify for the relief.
The announcement prefaces the government’s investment summit next Monday which will gather UK leaders, high-profile investors and businesses from across the world.
Culture secretary Lisa Nandy said: “The UK’s first-class independent filmmakers have a track record of creating cult classics and surprise hits that are enjoyed by millions.
“These reliefs will pay dividends both culturally and economically, inspire the next generation of talent across the country, deliver more great British content, and sustain a world-leading industry here in the UK.”
News of the tax relief was welcomed by the film industry. Amy Jackson, producer of Oscar-nominated Aftersun, said: “This is a vital intervention for the UK industry, which I wholeheartedly welcome.
“Making British indie films is tough, but this enhanced tax relief means that as a producer I now have crucial support to explicitly focus on bringing incredible stories by British talent to the big screen while building out exciting co-production opportunities.”
British Film Institute chair Jay Hunt said: “It will have a game-changing impact across the whole UK screen sector – creatively and economically.”
Andrew M Smith, corporate affairs director at the film studios Pinewood Group, added: “This tax relief is fantastic news for the industry as a whole and will bring an injection of support to further nurture the groundbreaking talent of the future and bring a greater diversity and range of stories to our screens.”