Two years on from the Brexit vote, the UK film industry is still trying to work out what post-Brexit UK film industry will look like. Although there are a small number of things that could be seen as a certainty, there is still the whole big unknown. The aim of this article will look at how we can start making sense of this unknown period.
The UK Film Industry
Positive – If the currently offered UK tax breaks are to be continued, then we can expect the UK to continue to be an attractive base for US studio productions. Further to this, this could depend on how the pound sterling performs against the US dollar.
Negative – However, the flip side of this is that we will need to negotiate new trade agreements. Here, the US may pile pressure on the UK to reduce tax incentives in an attempt to protect American jobs.
Positive – Any money saved from post-Brexit could be placed back in to the development of the art industry within the UK. Although, I do realise, that this is scraping the barrel somewhat.
Negative – MEDIA money is spent in every area within the industry. For example, within training, development, production, sales, distribution and exhibition. There are also a number of wide ranging projects that stretch between ourselves and our European partners. Here, new ways in which to fund these films will have to be made.
Promotion of Britain –
Positive – I can’t see how this will be too affects by Brexit. A large proportion of films that are used in advertisements are from the biggest UK films. For example, Harry Potter would rely more on US funding than funding from Europe.
Negative – This is largely dependent on whether any deal (or no deal) affects the number of films that are set within the UK.
Looking at this as a whole, I believe (my opinion) that Brexit could have more of a negative effect than a positive one. What are your thoughts? Leave your comments below.
Here’s 3 things we could see from Brexit:
- Uncertainty; in the short-term at least.
- No one really knows what’s going to happen. As a result, fewer risks will be taken and cautious negotiating will take place.
- UK will be affected by global trends.
- We would not be open to short term trends, as we would be (as part of the EU) restricted to the EU rules and regulations.
- Possible amendment of tax relief restrictions.
- The BFI cultural test treats all EU nationalities equally. Any negotiation of this could see the regulations changing to favour the UK.
This post was written by noxford