Major SPI Study for the BFI, Screen Business, Shows UK Tax Reliefs Power Unprecedented Boom in UK Screen Industries
A major new evaluation of the UK’s screen sector tax reliefs across Film, High-End Television, Video Games, Children’s TV, and Animation researched and written by SPI with Nordicity for the British Film Institute (BFI) has found that record levels of incentivised production in the UK delivered a GVA output of £13.48 billion in 2019, representing an increase of 23.7% over a three-year period.
In addition, the film tax relief has delivered an economic return on investment (RoI) of 8.3, showing that for every £1 invested the UK economy benefited by £8.30.
Screen Business analyses film and TV production and video games development spend over the latest three-year period of full data, 2017-2019. The evaluation found record-breaking growth, including:
20% increase of jobs between 2017 and 2019 to 219,000 FTEs
Record levels of inward investment and growth in exportation of UK productions and services
Over £131 million invested into the expansion of production facilities across the country in between 2017 and 2019
Wider economic benefits to tourism and retail.
The tax relief programmes have significantly contributed to the strength and resilience of the UK screen industries. The latest figures analysed as part of the study show the UK screen sector’s recovery from the COVID-19 pandemic has accelerated, with £4.7 billion in spend on film and high-end television production recorded between January and September 2021.
BFI Chief Executive Ben Roberts said:
“We work with industry and Government to build the UK screen sector, and Screen Business is evidence of the strength of the tax reliefs and how they have supported a staggering level of production and jobs and built business across the UK’s nations and regions. It’s a testament to this strength that our screen industries have bounced back faster than almost any other industry post pandemic.”
Nadine Dorries, Secretary of State for Digital, Culture, Media and Sport, added:
“This report shows just how important Government action has been in driving unprecedented growth across the screen industries. UK content not only keeps audiences at home and around the world entertained but also provides a huge boost to our economy.”
