UK Government Announces New £500 Million Scheme
July 28, 2020 | Charity
Culture Secretary announces £500 million scheme to kick-start film and television production.
A new £500 million scheme to kickstart film and television production struggling to secure insurance for COVID-related costs has been launched.
This scheme will help TV and film productions that have been halted or delayed by a lack of insurance to get back up and running. The funding will be available to all productions made by companies where at least half of the production budget is spent in the UK and is estimated to cover more than 70% of the film and TV production market to the end of the year.
“It will fill the gap left by the lack of available insurance and cover coronavirus-related losses for filming delays or disruptions caused by the virus,”
Productions can receive compensation for costs incurred by delays to a value of 20% of the production budget. If a production is fully abandoned, they can be covered up to 70% of their production budget.
The film and television industry supports over 180,000 jobs and more than £12.5 billion to the UK economy per annum.