A South West MP has welcomed the EU’s decision to approve the Chancellor’s tax incentives for the British film industry
Ashley Fox 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 South West is a fantastic place to film. Just ask the producers of Broadchurch or Poldark and who can forget how brilliant Stephen Speilberg used Devon to make War Horse. These productions have used the South West 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 £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.
“Many South West locations were used by the producers of Harry Potter and they spent millions in our local economy. 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.”
Ashley concluded, “The challenge for us all is to push the region to the top of the lists held by Britain’s locations scouts.”
