The British Film Institute today laid out its five-year plan for the future of UK film funding and how it proposes to invest an expected total of £273M in Lottery money from 2012-2017. The org said £28.2M will go towards supporting British film on an annual basis, including an increase in production and development funds of 30% over the next five years. At the same time, the UK government has announced steps it’s taking to bolster the UK biz. Culture Minister Ed Vaizey said the British Film Commission will create a strategic partnership with the UK Trade & Investment body and the BFI to provide an additional £400,000 to the BFC’s budget.
The announcements were made today in response to a UK film policy review that was published in January and which notably called for a “reward for success” scheme. The idea being that BFI development funds should be returned to companies who’ve used them successfully and then be reinvested in future projects. The BFI has confirmed that Lottery investment will be restructured to reward success while the government said the group will set up a cross-industry task force charged with examining ways in which the business can reduce overall dependency on public funding. (more…)