A West Midlands MP has welcomed the EU’s decision to approve the Chancellor’s tax incentives for the British film industry.
Daniel Dalton MEP said, “British-made films are watched and celebrated all over the world - last year alone we saw eight British-made films nominated for an Oscar. The West Midlands is a fantastic place to film. Just ask the producers of The Game, Peaky Blinders, Dalziel and Pascoe. These productions have used the West Midlands as a backdrop and brought skilled jobs to the region. The benefits of production companies spending their often huge budgets in our local economy cannot be over estimated.”
The tax relief now approved by the EU Commission gives film and TV productions 25% off their tax costs if they then invest the funds back into their projects. That means that, on a film costing £40m, there would be £1m in tax relief. The British Film Institute estimates that for every £1 given in tax relief a further £12 is created in the British economy.
“Filming for a new multi-million pound blockbuster starring Glenn Close is currently taking place in Birmingham, Stoke and Cannock Chase and the spending power of that film is considerable. The films budget hasn’t been made public but its producers are spending millions in the Midlands. It isn’t just the creative industry benefitting, we must not forget hauliers, caterers, skilled tradesman, local hotels and restaurants and eventually tourism. This tax break means more money being invested in more productions.”
Daniel concluded, “The challenge for us all is to push the Midlands to the top of the lists held by Britain’s locations scouts.”