A new study finds that British film contributes over £4.6B to UK GDP and more than £1.3B to the government. The Economic Impact of the UK Film Industry report, commissioned every two years by the British Film Institute and Pinewood Shepperton, notably shows the UK film industry directly employs almost 44,000 people, up from 36,000 in 2009. That’s more than are found in both the fund management and pharmaceutical manufacturing sectors. The median salary for film and TV workers is about $63,000. However, the report acknowledges there is a risk of highly-skilled workers taking their talent abroad if things like compensation, taxes and opportunities don’t remain competitive. The study further highlights the importance of the Film Tax Relief, warning that without the incentives, UK production would be a staggering 71% smaller.
Pinewood chief exec Ivan Dunleavy said: “The trends show that we’re performing well, relative to today’s economic climate. We can do more though. We now need to look at how to enable further investment in infrastructure and how to build on the UK’s growing international reputation to boost exports. By making gains in these areas film can provide more jobs and help play our part in bringing growth to the UK economy.”
Production spend on inward investment accounted for 80% of total UK production spend in 2011, contributing £3.7B to GDP and £1B to the taxman. In 2011, the UK film industry invested £96M in fixed capital investment. That figure is expected to increase over the next few years with a number of large scale projects either recently completed or in the pipeline. These include the £100M investment by Warner Bros. at Harry Potter‘s old home studios in Leavesden and the proposed expansion of Pinewood. Recent films to shoot in the UK include Angelina Jolie-starrer Maleficent and Tom Hooper’s Les Miserables. The core UK industry is expected to attract about 8% of global film production to 2015.